The richest Scandinavian country is deeply dependent on oil

The richest Scandinavian country is deeply dependent on oil
5 star(s) from 3 votes

Norway has been arguing for years about the need to unlearn living off oil, but the Covid-19 crisis has shown that it has not moved far in this direction.

This week, Norwegian politicians again made concessions to oil companies, giving them a tax deferral of more than $ 10 billion, which will help them maintain profitability in the face of lower prices. This is despite the country's Prime Minister pleading with lawmakers to show “character.” Critics say that such a policy will create unprofitable businesses and slow down the transition to green energy.

The oilers are winning again

The powerful oil lobby and the industry’s most influential executives are putting enormous pressure on politicians, arguing that thousands of jobs in supplier companies are at stake if investment is not encouraged after a deep fall in commodity prices.

Unanimity in Parliament, where the conservative-led government lacks a majority, allows oil companies to get what they need. Given the depth of the crisis, such a decision was expected. Yet it contradicts the political mood that has formed in recent years and the emerging shift away from the oil industry towards green energy.

“This shows how dependent we are on oil,” said Kari Elizabeth Kaski, a lawmaker from the Socialist party who did not support the temporary measures. Her party claims that this package shows that Norway is not ready to give up oil and gas.

It's complicated

In the late 1960s, oil was found off the coast of Norway, which made the country the largest producer of oil and gas in Western Europe and one of the richest countries in the world. Thanks to the oil and gas industry, Norway was able to accumulate a $1 trillion wealth fund, which came in handy during the pandemic.

Nevertheless, Norway is also proud to be a leader in the transition to green energy. The country has the largest share of electric vehicles per capita. Norway sponsors projects to preserve rainforests and even claims that its oil is the cleanest in the world thanks to eco-friendly ways of production.

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 The richest Scandinavian country is deeply dependent on oil, 06-10-2020 13:53:32

By: Anonymous

Worldwide oil dependence in general and Scandinavian countries oil dependence is a really controversial topic, that's why I really enjoyed reading this article.

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