Norway is the fifth largest crude oil exporter in the world, and the largest in all of europe with its large amount of petroleum. It has managed to create a vast social welfare system over the years, being almost iconic in its independant success. For many years now, there has been no question of this, but as resources deterorite, Norway is in a position where it must seek new opportunities to expand.
The resources of the North Sea are Norway's primary source of crude oil reserves, but with new politics come new endeavors. With the election of Prime Minister Stoltenberg in september of 2009, Economic policies have called for the expansion into arctic seas for new petroleum and other crude oil reserves.
Since most of Norways funds are kept in a Sovereign WEalth Fund reaching almost $400 billion, the state has ensured itself the cost of exploration for new oil reserves, as well as the potential for economic decline due to immigration and taxes, as those are also major issues with Norway's economy.
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I think the solution of looking elsewhere for oil is a short-sighted solution. I think Norway, and the world as a whole, will be better served if we focus our attention on developing solar-power and other more environmentally friendly technologies.
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