Norway, like Canada, was scaling up its petroleum industry in the early 1970s. It endured the same cyclical rides in resource pricing, and negotiated terms with many of the same foreign companies. Yet Norway now has over $1 trillion socked away in its sovereign wealth fund, a dedicated repository of all petroleum revenues. Even if oil was worth nothing tomorrow, the country would still have no public debt, fully funded social programs that we can only dream of, and a very large nest egg to transition to a new economy
Posted on: Mon, 26 Jan 2015 01:56:20 +0000
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