Western Europe’s biggest petroleum producer is falling out of love with oil.
To the dismay of the nation’s powerful oil industry and its worker unions, the opposition Labor Party over the weekend decided to withdraw its support for oil exploration offshore the sensitive Lofoten islands in Norway’s Arctic, creating a solid majority in parliament to keep the area off limits for drilling.
The dramatic shift by Norway’s biggest party is a significant blow to the support the oil industry has enjoyed, and could signal that the Scandinavian nation is coming closer to the end of an era that made it one of the world’s most affluent.
How will Norway pay for its social safety network without oil revenues?
(Score: 2) by legont on Wednesday April 10 2019, @04:14AM
Norway is extremely militarized https://en.wikipedia.org/wiki/List_of_countries_by_military_expenditure_per_capita [wikipedia.org] and right on the Russian frontier. That's probably the whole secret.
"Wealth is the relentless enemy of understanding" - John Kenneth Galbraith.