Re:Norway's largest pension fund KLP exits oil sands companies
by vinni2 on Tuesday October 08, 2019 @12:28AM
(#21188772)
You are right that Norway has done the best any country could do with oil money.
But it is also time they start planning for future when oil runs out or it is banned. The problem is the Norwegian economy still heavily depends on oil income. Huge number of well paid jobs are because of oil sector. All this party will be over once they are dismantled. Since the oil fund is not allowed to to be spent the economy has to go through a radical change. The biggest industry after oil in Norway is fishing! That says something about the economy in Norway.
The consequences of oil free economy on Norway at least as of today would be dire. Taxes will increase unemployment will increase. They will be forced to use oil fund.
But it is also time they start planning for future when oil runs out or it is banned. The problem is the Norwegian economy still heavily depends on oil income. Huge number of well paid jobs are because of oil sector. All this party will be over once they are dismantled. Since the oil fund is not allowed to to be spent the economy has to go through a radical change. The biggest industry after oil in Norway is fishing! That says something about the economy in Norway.
The consequences of oil free economy on Norway at least as of today would be dire. Taxes will increase unemployment will increase. They will be forced to use oil fund.