Tuesday, July 26, 2005

I'm Rich! I'm Rich!

But the price of gasoline remains high:

Norwegians become richer

Norwegians have more money to spend. The average income increased by 23 per cent from 1996 to 2003. Luxury goods have become everyday commodities, the newspaper Vaart Land writes. Stores selling consumer electronics tell the newspaper that the sale of LCD and plasma televisions sets is beyond their wildest dreams, with a fivefold increase in sales in the past year alone. Car dealers report that it has become more socially acceptable to by and drive an expensive automobile. The travel industry reports an annual growth of 40 to 60 per cent over the past few years. We want to travel farther and stay at the better hotels. At the same time, fewer people have problems meeting their payments, according to the National Institute for Consumer Research.

Oil prices fuel a 'new reality'

High oil prices continued to drive the Oslo Stock Exchange to new heights on Monday, and analysts are looking ahead. Some say that if prices stay over USD 50 a barrel for the long term, Norway will literally be awash in unexpected riches, and economic fundamentals will change forever. A boom in oil revenues flowing into the country can, for example, make political quarrels over pension plans moot, leave Norway with no economic incentive to join the European Union, and literally provide "money for everything."


At July 26, 2005 2:11 PM, Blogger CH said...

Oh no, the economy is overheating, time to "step on the brake" as Gro Harlem Brundtland did back in the day...

At July 26, 2005 2:40 PM, Blogger Thomas Bolding Hansen said...

Don´t worry you are going to be rich like hell, prices for a barrel might eventually go above 100 $. Reason : the production can´t meet the rate of consumer growth, and we will get supply problems late this year or early next if you ask me, unless demand dramatically drops or stops growing.
Last year the growth in consumption was 2.7 Bio barrels which equals about 60 % of Saudi Arabia´s max production and 3-4 times the amount of oil you get from Iraq. There is NOOOOOO! way to meet such a rising demand.
So the next decades are going to be about finding alternatives to oil wherever possible.
All the while Norway is going to get incredible rich - remember that we actually gave you some of the area where you got your oil - that is Denmark :) - and SA is going to have plenty of mammon to spread Wahhabism with.

At July 27, 2005 12:58 AM, Blogger Zach said...

Norway seems to be one of the few places where the oil revenue is actually put to good (and fair) use, rather than propping up regimes or bad governments. All I can say is that I wish Norway had more oil, and Saudi Arabia less!

At July 27, 2005 3:42 PM, Blogger dennisw said...

Norway has plenty of "fuck you" money as oil hits 60$/barrel. I'm American and am glad to see Norway is not in the EU and has no need to be with all its oil wealth

At July 27, 2005 10:30 PM, Blogger CH said...

Zach, The norwegian state owned oil company (Statoil) is putting its money to good and fair use in for instance Iran...

At July 27, 2005 11:25 PM, Blogger Unknown said...

"The norwegian state owned oil company (Statoil) is putting its money to good and fair use in for instance Iran."

Yes. And Norway is doing a great deal of trade with Iran in general. But people want to boycott Israel.

Makes me sick.

At July 27, 2005 11:58 PM, Blogger Thomas Bolding Hansen said...

People here don´t know the truth about the palestinian/israeli conflict, if they did they would cut of the hand of Israel. If they realized the goal of palestinian terror groups is to destroy israel all together....
That islamists believe that the land belongs to them because they embrace all prophets and religions nad muhammad perfected them with the final message.

I got a post about the hamaSS real intention and the Nazi like view on jews by islamists on my new and for the next 14 days inactive blog.


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