Norway Rakes in Record Oil and Gas Revenues Amid Ukraine Conflict
The exorbitant windfall revenues amid a surge in demand and sky-high energy prices have earned Norway bitter accusations of profiteering from its numerous customers, including Germany, Poland and the EU at large. | The Norwegian state coffers earned record oil and gas revenues last year after the hostilities in Ukraine and ensuing sanctions sent energy prices soaring, Statistics Norway (SSB) reported. ● Altogether, Norway earned NOK 1.5 trillion ($140 billion) in revenues from oil and gas, by far the highest ever recorded, according to statistics, and nearly three times the NOK 498 billion ($48 billion) earned in 2021, the number-cruncher said. ● Norway, one of the world's leaders in the export of energy resources, assumed the role of the EU's top supplier following the bloc's massive sanctions campaign against Russia over its special op in Ukraine. In 2022, Brussels decided to stop imports from Russia and the Nordic country ramped up own production. ● Oslo's additional income was boosted by a record surge in European gas prices over the summer, which have since subsided.
Editor's Comment: We've never heard them complain about oil producers like Bahrain or the United Arab Emirates. Germany, Poland and the EU at large probably would not have given in to envy and anger if Norway had been a much bigger country, or more important on the world scene, if you like. What they really are complaining about, is that these windfall revenues seem inappropriate for tiny Norway, out of place kind of...In the time-honoured order of things, big countries may be rich (or not so rich) in terms of revenues, medium-sized nations a bit less so, and small countries are supposed to...well, to know their place. Plus, and this is extremely important, oil is supposed to be in the Middle East, and not up in the godforsaken North somewhere (Where is that damn country anyways?) See? Too rich for its own good - gotta send some troops up there. In fact, the U.S. already has done so, and as things now stand, they already have four bases in tiny Norway. Norway's done for. Sure thing! Germany and Poland, are you happier now?