{"id":2640,"date":"2014-12-08T07:43:42","date_gmt":"2014-12-08T12:43:42","guid":{"rendered":"http:\/\/olduvai.ca\/?p=2640"},"modified":"2014-12-08T07:43:42","modified_gmt":"2014-12-08T12:43:42","slug":"norways-oil-decline-accelerating","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=2640","title":{"rendered":"Norway\u2019s Oil Decline Accelerating"},"content":{"rendered":"

Norway\u2019s Oil Decline Accelerating<\/a>.<\/p>\n

New oil projects are being scrapped in Norway amid falling production and low oil prices.<\/p>\n

Long held up as the model for managing oil abundance, Norway has painstakingly sought to prevent the problems that occur with other natural resource-based economies, such as corruption, slow economic growth, currency appreciation, and subsequently, deindustrialization.<\/p>\n

Since 1990, Norway has diverted much of its oil earnings to a sovereign wealth fund, which has become the world\u2019s largest. The money,\u00a0reaching $890 billion<\/a>\u00a0as of June 2014, amounts to $178,000 for every Norwegian citizen. The sovereign wealth fund helps Norway avoid some of the problems associated with the \u201cresource curse\u201d by investing capital abroad. But more importantly, the money is set aside to be saved and invested to help the country plan for the eventual decline of oil production, with the intention of transitioning to a more diversified economy that can take oil\u2019s place.<\/p>\n

Related:\u00a0Norway\u2019s Energy Policies A Lesson For The World<\/span><\/strong><\/a><\/p>\n

The early cracks in Norway\u2019s petrol-based economy are beginning to show, perhaps quicker than many predicted.<\/p>\n

Energy analysts have explored in detail how the ongoing decline in oil prices \u2013\u00a0down 40 percent<\/a>\u00a0since June \u2013 might affect oil exporting countries like Russia, Iran, Venezuela, and other OPEC members. But even Norway, the model for using natural resources to build a modern wealthy economy, is not immune to the price fall.<\/p>\n

…click on the above link to read the rest of the article…<\/p>\n","protected":false},"excerpt":{"rendered":"

Norway\u2019s Oil Decline Accelerating. New oil projects are being scrapped in Norway amid falling production and low oil prices. Long held up as the model for managing oil abundance, Norway has painstakingly sought to prevent the problems that occur with other natural resource-based economies, such as corruption, slow economic growth, currency appreciation, and subsequently, deindustrialization. […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3],"tags":[1241,588,1757,592],"class_list":["post-2640","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-norway","tag-oil","tag-oil-decline","tag-oil-price"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/2640","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2640"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/2640\/revisions"}],"predecessor-version":[{"id":2641,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/2640\/revisions\/2641"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2640"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2640"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2640"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}