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A comment on Norway Is Walking Away from Billions of Barrels of Oil. Parent comment

Re:Norway Is Walking Away from Billions of Barrels of Oil by Spooky23 on Monday April 08, 2019 @12:57PM (#19606935)
I think the broader point is that by nationalizing a shared resource, Norway achieved an outcome that benefits their entire society.

They are fortunate that they are one of the few countries with functional government that could handle the oil wealth responsibly.

If you compare it to the United States, we socialize many of the risks associated with oil production, refining and transport, and let the extractors, refiners, and transporters reap the benefits.

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Re:Norway Is Walking Away from Billions of Barrels of Oil by cylinder on Monday April 08, 2019 @03:24PM (#19608243)
There's no shared resource. It requires risky exploration and investment in extraction. Do you really think the 25m Australians can afford to gamble on hundreds of billions on LNG terminals? One bad investment or a big drop and the whole country is bankrupt.

Currently private sector and foreign business takes the risk. Then Australia gets a share of the profits through royalties and taxes as well as the labour income through employment of workers.

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Re:Norway Is Walking Away from Billions of Barrels of Oil by simonh on Monday April 08, 2019 @04:25PM (#19608686)
>Currently private sector and foreign business takes the risk.

Australia provided mineral exploration incentives of $31m for 2018/19 at the tax payer’s expense, to mitigate that risk.

https://www.financeminister.gov.au/media-release/2018/06/26/...

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Re:Norway Is Walking Away from Billions of Barrels of Oil by shawnz on Monday April 08, 2019 @04:13PM (#19608610)
> It requires risky exploration and investment in extraction.

Which represents a tiny amount of value compared to the energy stored in the oil.

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