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Norway Is Walking Away from Billions of Barrels of Oil

posted by martyb on Tuesday April 09 2019, @02:55AM   Printer-friendly
from the for-how-long dept.

Phoenix666 writes:

Bloomberg:

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?

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  • (Score: 1) by khallow on Tuesday April 09 2019, @09:46AM (1 child)

    by khallow (3766) Subscriber Badge on Tuesday April 09 2019, @09:46AM (#826630) Journal

    then it is the perfect counter point to Venezuela

    Doesn't sound like it. First, it's not fully nationalized, which is why it works in the first place - the private part is what's running day-to-day activities and actually making the profit that funds those goodies. Second, why did the Labor Party (and the groups that really wanted the oil drilling blocked) have a say in blocking a future revenue source for Norway? Once you have a means for the state to control something, then you have a means for the stupid people running the state to control something.

    Sorry, I don't buy that the drilling (and its externalities like pollution and slightly negative impact on global warming) is a serious enough problem that it has to be banned instead of regulated.

  • (Score: 1, Touché) by Anonymous Coward on Tuesday April 09 2019, @11:59AM

    by Anonymous Coward on Tuesday April 09 2019, @11:59AM (#826668)

    Once you have a means for the state to control something, then you have a means for the stupid people running the state to control something.

    Unless, of course, they are not stupid.

    Sorry, I don't buy that the drilling (and its externalities like pollution and slightly negative impact on global warming) is a serious enough problem that it has to be banned instead of regulated.

    Lettuce note nobody tried to sell it to you, so you not buying it is inconsequential.