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Discussion Starter · #1 ·

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Impressive speed!
In Norway there is a massive carrot and stick approach. Plus their Rapid changing facilities are beyond excellent.

Bit ironic really, how they are happy to sell oil and gas to everyone else while laughing all the way to their Sovereign Fund bank while they do it.
 

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Bit ironic really, how they are happy to sell oil and gas to everyone else while laughing all the way to their Sovereign Fund bank while they do it.
They are lucky that they have both Oil/gas and lots of hydro power resources. Sensible and easier choice to export the oil and use the hydroelectric power, investing the oil revenue in the infrastructure for electrifying transport. Future-proof, too. One day they'll run out of oil, but they won't run out of hydroelectric power so easily.
 

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The clever thing about Norway is that they used their oil and gas revenue very wisely, investing in infrastructure and hydro. Although they had an abundance of potential for hydro, the topography of the country meant that being able to exploit it and then transmit it from some very remote locations meant they needed to invest a lot of money, in everything from transport links, through power transmission systems to actually building the hydro plants, in some of the most challenging terrain possible.

Whilst the UK was busy spaffing it's oil and gas revenue up against the wall, taking only a very short term view of the windfall, Norway chose to very sensibly invest it's revenue for the future good of the nation.
 

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The clever thing about Norway is that they used their oil and gas revenue very wisely, investing in infrastructure and hydro. Although they had an abundance of potential for hydro, the topography of the country meant that being able to exploit it and then transmit it from some very remote locations meant they needed to invest a lot of money, in everything from transport links, through power transmission systems to actually building the hydro plants, in some of the most challenging terrain possible.

Whilst the UK was busy spaffing it's oil and gas revenue up against the wall, taking only a very short term view of the windfall, Norway chose to very sensibly invest it's revenue for the future good of the nation.
UK spent its North Sea oil wealth very wisely, see photos of London before and after

Sky Building Daytime Property Cloud
Sky Building Daytime Property Cloud
 

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The UK came out of the second world war with a massive debt and a huge amount of re-building that needed to be done. North sea fossil fuel tax revenues had to be used to finance government spending as we were paying so much for all of that debt.
 

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Discussion Starter · #8 ·
Come on, everything achieved in Norway is great and all, but I can never forget that it is just 5.5million population.
True, but still truly impressive speed of switch over.
 
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The UK came out of the second world war with a massive debt and a huge amount of re-building that needed to be done. North sea fossil fuel tax revenues had to be used to finance government spending as we were paying so much for all of that debt.

We didn't start exploiting the North Sea fields seriously until the first rig in 1965, and didn't start receiving revenue from the oil and gas fields until the early 1970's, and only then because the 1973 oil crises made North Sea oil profitable for the first time since exploration started. I'm aware that the UK had debts still outstanding from WWII then, but we've incurred more debt post-WWII, particularly during the latter part of the last labour government.

Most of the revenue from North Sea oil and gas ended up doing sod all for the British people, with the exception of a small percentage of Thatcher's children that got very wealthy indeed off the back of it and all the sell-off's that mad woman instigated (and I came very close to being one of the assets she sold off). When Norway was being fiscally sensible and planning for the longer term, the UK was making a small number of people very, very wealthy. My former boss (who back in 1991 called me a troublemaker, for daring to disagree with him) made an absolute killing by exploiting the government policies of the day. As a colleague of mine remarked, he was an "individual wholly lacking in self-doubt". My own view was that he had more in common with a spreadsheet than a human being, and that he had not a shred of any public service ethic. The last straw for me was his insider trading, getting his wife to buy shares in a company he knew was about to be virtually gifted a golden egg by the government.
 

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Most of the revenue from North Sea oil and gas ended up doing sod all for the British people,
Amen. I accepted the bribe of the electricity company share save scheme and as the purchaser of an ex-council house, on the basis that it shouldn't just be Tory voters who benefited from such bribery attempts. As long term policies I thought they were crap and inequitable.

Similarly with the water industry as a result of which my bills have soared and I have to be very careful when going sea swimming locally as I live in Southern Water's area..
 

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It still irks me when I have to speak to an obscenely wealthy retired global CEO who ruined thousands of people's pensions, whilst he did a deal to retain his golden goodbye in exchange for not spilling the beans, he phones twice a year for his free diazepam which he "needs" while he and his wife travel round the world in his private jet as, poor love, he is afraid of flying, on the back of his former fossil fuel enterprise.
 
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