Norway and Oil
The association of Norway's standard of living with the development of its oil industry has recently been observed in the content of some opinion and information articles. It is important to emphasize that the standard of living, economic and social development achieved by the norwegian society, never depended, nor has it depended, on its oil industry.
In the same way that the economic development of its neighbors, Sweden, Finland and Denmark, its development was always based on the strengthening of the various areas of its economy, in the different regions of its geography. Its development, in addition to natural resources, has been based on work, thereby achieving the highest levels of quality of life on the planet. As reported by the Norwegian state, more than 90% of all profits from oil income, that is, more than 800 billion dollars, is part of the Government's Global Pension Fund, not to be used at present, but to reserve it for the pensions of future generations.
Svein Richard
Brandtzæg *, a Norwegian friend who was a classmate during my studies at the
University of Trondheim, once sent me the following message:
“Norway, as you point
out, saved the oil money for later use. We know that oil resources will be
depleted, and by then, it is important that we are not finished in an economy
that does not have the platform to sustain itself. ”
* Dr. Svein Richard
Brandtzæg: From 2009 to 2019, President and CEO of Norsk Hydro ASA Company,
Global and Integrated Energy and Aluminum Company with 36,000 employees in 40
countries, and from 2014 to 2020, President of the Board of Directors of the
Norwegian University of Science and Technology, NTNU.
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