By whose account, again? I grew up in Norway just before the oil boom started, and I never thought of the country that way. We had lumber, we had cheap hydroelectric power that we used to process aluminium and make fertiliser, and we were practically a global superpower in terms of ocean shipping. True, we weren’t rich in the way we are now, far from it – but weren’t that poor either.

A big part of our success as an oil producing nation is that we weren’t simply letting the (mostly) American oil producers just come in and do as they pleased; instead, we insisted on building our own expertise and running the business on our own terms. We hit many snags along the way, but it has paid off in the long run.