Norway's Lasting Oil Wealth

Norway has become rich by banking its oil wealth, an approach that was abandoned in Alberta.
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[@OsirisMalkovich]

It's almost like the government of Norway works _for_ its people. What a crazy idea.

[@Saurucow]

***** Yeah. Socialism, pure evil.

[@TheLamefeed]

***** Just check our schools out.... When I was in elementary school we had books from 1995-1998.. this was in 2000-2007.. Every single book was at least 4-5 yrs older than what we should have gotten(thinking about our wealth)

[@nepalihercules]

+Saurucow but what would they do without oil?

[@Saurucow]

***** As anorwegian myself, I think we would do just fine. Look at Sweden. No oil, doing ok.

[@nepalihercules]

Saurucow lol, look at sweden again, not doing so good

[@Powersnufkin]

When the oil runs out they will still have gas reserves for a hundred years. The Norwegian pension fund owns 1,6 percent of all the stocks traded in the world. Norway will sail strong for a long long time.

[@Josh_Roberts]

Amazing country...an example for all of us

[@Chris091560]

2:37 "This is a floater" long pause "it floats." That guy is so cool. Really interesting how Norway decided to handle it's natural resource, instead of selling it off to big business, they basically gave control of it to themselves, the citizens.

[@cerii5943]

Ikr, and American call us communits. Thats why the wealthy few hates and fears socialisem.

[@ishanbansal3560]

Chris Gresock venezuela nice

[@fifermcgee5971]

The philosophy sounds like heaven.

[@sveingeraldhansen7275]

@@ishanbansal3560 Are a Dictator not a Socialist country. Socialism is a political ideology that wants economic EQUALITY between members of society. The basics of socialism are that the means of production are owned and controlled DEMOCRATICALLY by a community, either through the public, state or cooperative (or a combination of these). Supporters of socialism see increased public and democratic involvement in society as a means of achieving justice and positive freedom ("right to"). Socialism promotes democratic governance of the economy, and is skeptical of private business interests and profit motives. I can also say USA is communistic, but its a lie, like Venezuela is Socialistic.

[@rsantos627]

@@ishanbansal3560 plus you don't have to be an -ism (socialism, capitalism, etc) to save money understanding that a nation/province is making money from a finite resource that won't last forever. I would think it's just good fiscal management. Something the AB and Canadian Cons claim to be good at but fail at miserably every time.

[@safuwanfauzi5014]

I understand now why Norway dont want Join EU.

[@doneckford1189]

They easily saw Greece, Italy, Spain and Portugal coming with their hands out demanding their god given right to Norway's oil wealth.

[@sprig3432]

@@doneckford1189 why only Mediterranean? Also other countries want to sabotage Norwegian trust fund

[@sprig3432]

@@doneckford1189 why only Mediterranean? Also other countries want to sabotage Norwegian trust fund

[@susannamarker2582]

Exactly. The EU would steal that fund.

[@susannamarker2582]

@@doneckford1189 Well said.

[@rfmckean]

People are too willing to blame politicians. If you wanted to do the Norway model you would have to accept higher taxes. The standard VAT in Norway is 25%. No Albertan voter would accept that. Norwegians understand that taxes are necessary and they trust their government. That in a nutshell is the key difference between Norway and Alberta.

[@simong8390]

Richard McKean. The thing is that yes we have higher taxes. We pay around 36% in income taxes. But we have much lower taxes than in the US because what we have included in our taxes is free welfare, free hospitals, free medicine, free schools etc etc. So if you compare all of these things that you dont call taxes we pay about half of what the population in the US does.

[@jascvideorambles3369]

It would be Better if all Taxes were replaced with a Land Value Tax. A progressive Tax that doesn't punish innovation and efficiency, but rewards it, and its Undodgeble .

[@povelvieregg165]

Richard McKean, very true. I am a bit sick of how people blame politicians. Politicians are a reflection of the opinions and values of the population. Taxes is not a swear word in Norway like in North America. Some parties even enter elections promising to raise taxes. People understand very well that if you want government to offer more services or do more, then you got to pay more taxes as well. When I listen to the North America debate there seems to be this disconnect, where people want stuff from government but they don't want to pay for it. They complain about how little government does. But at the same time they seem to view taxes as some sort of black hole. Money they pay in taxes are just gone never to be seen.

[@whatwhat3432523]

@Olav Viking Not even close to the truth. And roads in Norway is one of the most futile and expensive infrastructure projects in the world. You just need to relax and accept that Norway is the best country in the world, and the success of this country is simply amazing. What ever you believe today or back then, it won't change that fact. Now piss off you traitor, i am sure you would advocate for US politics Norway. And move us backwards instead of forward.

[@glent7853]

The VAT is only if you buy something .No one is forced to pay

[@JohnSmith-kt3yy]

"This is a floater. It floats."

[@karlgerthkvilhaug556]

When it comes to the word float, it is called flyte-platform in Norwegian and the person translated the word directly. Looking at the major oil constructions in the North sea: Gullfaks A, B, and C - Oseberg A, B and C - Troll A - Heidrunn - Sleipner A, Draugen and many other installations, these giants are made in concrete and are standing on the bottom of the sea. So when you went out to work on an installation that was not standing on the bottom. people started too call them "en flyter" (a floater).

[@ernestkovach3305]

Fascinating! Norway acting wisely for its citizens.

[@studmalexy]

Nowegians are smart cookies

[@Proskater134]

well thank you

[@mobilecyclop7329]

xdd

[@aoaoaaoaoao889]

no we aren’t, we are just bathing eating and drinking oil

[@waynejones5635]

Had the CBC dug a little deeper they would have found out that Norway's oil fund was modeled after Peter Lougheed's Alberta government's Heritage Fund. The Norwegian government of the 80's studied ways they could level out the volatile oil revenues, so that the government could sustain itself in bad years. Allowing the government to Use returns on this saved surplus royalties has allowed it to do just that. There are many rules guiding the Norwegian oil fund, one of which is none of the money can be invested inside Norway. It is there to offset any downturn in the Norwegian economy, so having a fund that dips when the local economy dips is seen as a risk.

[@thenobleandmightybeaver4411]

Why was the decision made in Alberta to abandon fiscal diversification and public investment? Was it simply to mimic the US and turn the highest private profits as possible in the shortest time? That is how it appears to me. It appears that we (all of Canada, not just Alberta) have squandered a precious and finite resource in the name of greed and shortsightedness.

[@johnnysecular]

Wayne Jones thanks for the insight; they did mention in the report twice that Norway got its idea from Lougheed, but your comment is insightful as well.

[@TheSaabit]

A good and informative video. Thanks Susan and Crew . . .

[@franknordbergno]

There is one fallacy in this report and most of the other similar ones I've seen on KZbin: Norway was _not_ a poor nation before the oil. Norway's GDP per capita was in fact higher than USA's as early as 1975, higher than UK's as early as 1960. And the economy was always very healthy with a steady growth and the wealth spread relatively evenly across the entire population. Norway had, and still has, one of the largest merchant fleets in the world and it was, and still is, a huge exporter of fish and wood and, because of the cheap electricity, also aluminum, artificial fetrilizer and other products that require lots of energy to be manufactured. This is why Norway could afford to invest the oil income in the future. There simply was no need to spend any of the money right away.

[@lb6110]

Yes, and you failed to mention that Norway isn't dumping billions into bombing other countries, but rather tends to mind their own business keeping their nose to themself

[@Kalars]

Interesting, good comment!

[@satinkuti5875]

You are praising norway too much, take in to account that oil brought a lot of stability for these companies to grow. Without oil norway would be quite like denmark. While Finland focuses on raw material export, sweden in manifacturing, denmark in manifacturing and agriculture it is safe to assume that most notable export of norway is oil.

[@rastogipriyanka]

Except we dont export much wood

[@Proskater134]

@@satinkuti5875 Actually the main income of the Norwegian economy is fish export.

[@CBCTheNational]

ICYMI: Oil Crisis? What oil crisis? Norway's wealth may be based on oil. But the current slump in oil prices hasn't hurt the country the way it has Alberta. So where did Norway go right and Alberta go wrong?

[@mxd6]

The National Some governments stick to the game plan and others (Alberta PC's) did not. They failed the people that voted for them, big time....and then some.

[@nissernissestad1216]

The National Close to 90% of the oil money have been saved, the rest of our money comes from resources like; fish, Water powerplants and oil technology. Sorry for Bad English.

[@SoidSnake]

The National I guess you are wrong. The so called "Financial crisis" in 2007 to about 2010 barely hurt Norway at all. It was like nothing happened. This time around it is a REAL financial crisis. I rather have the financial crisis of 2007 again than the falling oil price.

[@SoidSnake]

+The National It is quite bad. I don't know about Alberta, but it isn't good. Lets hope for an oil price above 100 dollars in the near future.

[@styrkbreistein3502]

now it's fish

[@josephtvshow7467]

One of the best government in the world.

[@Rhyas9]

Using oil wealth wisely?! Get your common sense and prudent-minded-spending outta here! Seriously though, if only more oil-producing countries did this.

[@billrick4039]

wow.... the government does invest in its people..... nice!

[@simong8390]

bill rick. Yepp. We stole that idea from the americans, also free schools, hospitals, welfare, medicine etc etc. But The big chiefs in US thought it was better to keep the money themselves and not share amongst their neighbours :)

[@griegs2001]

3:41 It was not like she says ".. the money was gushing in so the government set up an oil fund". The government set up an oil fund in 1990. The first money where placed there in 1996.

[@sweiland75]

Nobody ever talks about oil rich Canada.

[@clockwork9827]

we need this plan in 🇨🇦 Canada

[@doneckford1189]

Another advantage of the oil wealth is the resulting higher salaries which make it easier to justify such a large VAT.

[@binarlestari2497]

only if Venezuela did the same thinh :(

[@alenpaul2523]

@@magnusorn7313 no , corrupt

[@magnusorn7313]

it would have been a good move to do for the capitalist leadership some time in the 20 years before their economy broke and socialists had to step in, but no, the boom was severely mismanaged by naïve fools who thought it would last forever

[@edtan9761]

the museum uses holland as an example on how not to manage oil wealth

[@limelight777]

yes, a-ha is the best band from Scandinavia !

[@doriancarleton955]

3:47 its crazy how the amount is now, the double today

[@McMarvin42]

Alaska has a similar fund. It makes too much sense.....

[@magnusorn7313]

i dont think thy have a fund, i think its just the direct profits from selling the oil, it would be smart for them to have a fund instead

[@kuwait85]

Informative. I wish Alberta had the foresight to put more into its fund.

[@MrAzzurri86]

can't when you have a government and population that is anti-tax

[@mxd6]

MrAzzurri86 Tax is paid by the oil companies at the well-head or pipeline depending on the commodity. Provincial income tax is nothing compared to taxes oil companies pay. The tax rate is also set by the Alberta government.

[@dinnerwithfranklin2451]

We put plenty into the fund but Conservative governments stole it all to pay for votes

[@Thewestslope]

Norway has made substantial progress in the 'energy transition' facilitated in part by the careful management of Norway's oil wealth.

[@promich7194]

We have so much to learn from Norway in Canada. After decades of economic ignorance, 2015 is our chance to finally give the corrupt lib-cons the boot and start on the road to recovery.

[@tobspinn]

Norway is rich because of oil. No reason to "learn" anything from our government, except that oil generates wealth.

[@TheKristian1996]

Ofcourse, if you just spend it all its wasted. Saving it or investing it is a smart choice.

[@1cmman]

What would Norway look like without oil?

[@gullfeber]

norway was richer than most eastern and southern european countries even in the 1800 so its not correfct to blame it all on oil

[@More_Row]

Predrag Jovanovic You’re right man.

[@AbdulKareemAbdulRahman]

what is the name of the iraqi norwegian shown in 2:25? thank you

[@povelvieregg165]

His name is Farouk Al-Kasim. He was knighted by the Norwegian king for his substantial contribution to the success of Norwegian oil industry: www.npd.no/en/news/News/2012/The-King-honours-former-NPD-resource-director/ You should read about him. A fascinating story. He took the knowledge about how big multinationals had exploited middle eastern oil producing countries and advised Norway on how to avoid the same fate. But he had also seen how nationalization of oil had failed in the middle east because it meant one would not get access to the substantial technical expertise of the multinationals. So he devised a hybrid system for Norway where multinationals would gain access but the government was more in charge and we built our own national oil company to compete with the foreign companies on equal footing.

[@xxslysinxx]

Norway has oil? Surprised US havent found nuclear weapons there

[@Mosern1977]

Norway helped out Israel with their nuclear program. If you cannot beat them, join them :)

[@m.c.hendriksson5548]

GO NORWAY!!!

[@thebiggestcontroversy5881]

I LIKE NORWAY!!!!!!!!!!subscribee for me

[@griegs2001]

Low oil price - weakend Norwegian currency. Reduced costs since costs is in Norwegian kroner and sales in $. Costs reductions - less activety for oil services - lower prices. Costs reductions - less people employed in oil production (this are skilled people now helping traditional Norwegian industri onshore, the same is valid for people from oil services). I will say that Norway has proven it's flexibility. It has been tough for those who have lost their jobs. My company earn much more money than before. If I travel abroad it is more expensive than earlier, that is all.

[@Novaheart1998]

I think oil prices will go up soon and oil dependant countries can rebound, but I don't know if anyone will be able to do what Norway did.

[@MariusEV123]

some experts says the price on oil might be skyrocketing to 100-150 dollar soon and therefore create a global recession

[@pjotrnygard1447]

You are right

[@bmaw604]

How isn't this standard.

[@EspenX]

Because if you decide to do it as a country, you go from spending lots of oil money every year to suddenly hardly spending any oil money - because you have to save up some before you can start using the fund's profits. Norway knew (or thought) they were going into a phase where they would invest less in oil because the oil industry was mature and therefore profits would be much higher (getting returns on all the oil investments all ready made) and they could start putting the windfall in the oil fund.

[@steved2667]

Comparing a sovereign currency issuer (Norway) with a currency user (Alberta) shows a marked misunderstanding of economics. Those, who do not understand the differences between Monetary Sovereignty and monetary non-sovereignty, do not understand economics. Any monetarily NON-sovereign government - be it city, county, state, province or nation - that runs an ongoing trade deficit, eventually will run out of money.

[@josephweaver8545]

this is what Canada needs

[@doneckford1189]

Norway has a museum for their kids to learn about their oil wealth and the effort required to get it. In Canada, its viewed by many Canadians as a point of shame and looked on with derision at Albertans.

[@stevensamuels4041]

Why shame canada

[@iayyam]

It is always my hope that when countries like Ghana, Uganda, Cape Verde and Guyana discover oil that they go about planning their windfall in the Norwegian way.

[@toxn1xwaste378]

When? Do you think they will ever find Oil?

[@jakobnordal7432]

@@toxn1xwaste378 they might not find oil but Africa has a lot of natural resorces like gold, diamonds, silver etc.

[@susannamarker2582]

They don't have the same mentality.

[@mosestekper7659]

Those countries don't have the luxury to invest when critical infrastructure is needed now.

[@kimodland]

King Ralph was so blind for re-election

[@rakeleikenes175]

9:58 lol shsh

[@williamd7161]

Norway's Sovereign Wealth Fund is an excellent example of what a compound effect can do.

[@russgoyer]

That’s fine. As long as it goes where it supposed to go and not to the self proclaimed “Elite”. If it goes into a general fund for politicians put your sticky fingers in, it’s not going to be worth much.The only ones that will benefit are the people who are selling favor.

[@adamk.1012]

I love Norwegians more than the air I'm breathing!

[@headshotgotskillz2451]

Norway also saves their oil so when most people run out of oil we have alot left

[@toxn1xwaste378]

You saw the video right? :P They said that xD

[@karlgerthkvilhaug556]

@@toxn1xwaste378 We have big oil reserves on land (in huge caves)

[@susannamarker2582]

Why is Norway's oil wealth lasting ? Simple : Norway kept out of the EEC in 1972, and out of the EU in 1994. Membership of the EU would have necessitated enormous net annual contributions to the bottomless Brussels Budget. Norway only gets involved in small bi-lateral financing agreements with individual EU members.

[@utah133]

They buy a lot of Teslas and are very environmentally conscious. This seems a bit at odds with their economic source of wealth, no? Just wondering. I personally am an American of Norwegian ancestry. I wish I were a citizen of Norway. I like cold and damp more than sweltering heat.

[@Someone-cd7yi]

rationalguy at least they use their oil revenues for good causes like electric cars and renewable energy while the US funds wars with their oil revenues...

[@utah133]

That's true. They tend to do the right things.

[@simong8390]

rationalguy. But why dont you come on over? Your always welcome :-)

[@powerkingez9682]

trust me when u meet the norwegian winter, that is 365 days a year u will miss the heat more

[@gullfeber]

tesla is far from environmental. the cost of battery production is hurting the environment just as much as fossil fuel

[@Dizzzais]

Now they should invest the money form oil in to green energy sector.

[@krinord]

+Dizzzais "Over 99% of the electricity production in mainland Norway is covered by hydropower plants." Norway is also biggest on owning Tesla's per capita haha. Our local mail (from the local post office where ever you'd live in Norway) is delivered by electric cars to your home.

[@Dizzzais]

+krinord Nice! Keep goin'! So, waiting for some breakthrough technologies from Norway in this area, cause you have some steps forward than other nations.

[@gullfeber]

again tesla is not environmental. the production of the battery is hurting just as much as fossil fuels

[@adm7998]

We are also working on Self driving electrical busses, and electrical trucks to deliver goods around the country. Statoil (Norways oil company) is also building windmills in the ocean to produce electricity.

[@karlgerthkvilhaug556]

@@adm7998 You forgot to include that Norwegians made the first trip by boat from the USA to Norway and 100% pure energy without any crew. And that basically all electricity in the country is hydropower. Thus, wind power is essentially polluting.

[@don-cw1yz]

It's pretty simple .Canada has the third largest oil reserves in the world . Massive natural gas reserves with more to be discovered . So how to take advantage of it and create wealth for Canadians . Canada currently imports oil from the middle east and other countries . First let's stop that with a plan to get Alberta oil to all Canadian refineries . We may have to have more upgraders and retool some refineries but just do it . Canada only has 12 refineries . Then oil to tidewater .Yep both coasts . That Trans Mountain pipeline is already approved . The Energy East pipeline needs to be built . No downstream emission studies Ms.McKenna we don't need that ,thank you very much. That refinery in Saint John New Brunswick is Canada's largest and can handle Canada Select oil . Plus we can ship oil out to international markets . Plus the expansion of line 8 to the US and Keystone XL will allow the oil to floe . It may piss off Greenpeace but this will be a National priority .Kind of like the coast to coast railway in our infancy as a country . No more protests ,provincial government delays in granting permits etc .First Nations will benefit from these projects by jobs and economic development . Plus we free up our railways to move cargo and grains . We have huge facilities for container shipping in Halifax and Vancouver . Okay that's it for oil .Now Natural gas .Canada needs LNG plants situated on both coasts . No if buts environmental this or that just get it done .Nova Scotia is on board no issues .BC well time to tell David Suzuki and Elizabeth May that Canadian jobs are really important . So build LNG plants in BC .The natural gas to Asian markets will displace coal use .Perhaps David & Elizabeth will understand that will be a good thing that natural gas a clean burning fuel will reduce emissions from coal . Okay that's it now just do it .Canadians who invest in Canada will find their retirement funds will rise .Canadians will have more jobs that pay well . Governments will get tax revenue . It works for all .

[@mikemavis752]

How we wish other Oil Producing country could do same.

[@libertysprings2244]

The thing people don't realize is once the oil eventually runs out, all money worldwide will be hyperinflated away when energy isn't cheap any more. Think 1970s.

[@notyourbusiness6907]

the oil will most likely not run out, as it is extremely abundant. The demand, however, willf fluctuate and most likely drop over time

[@throwerofturds]

Strange ...when CBC is talking about Norway it is in glowing terms and oil is described as wealth and a good thing When CBC is talking about Alberta oil they talk about pollution and dirty oil .

[@paulstebbings9481]

Now oil is at $100.00/ bbl and gas ? So interesting to see what the wealth generation has been over the years to 2019 (80 USD/bbl) through to mid 2020 (50-60 USD/bbl) then June / July - USD/bbl 23 Brent - it oil was actually traded at USD 10.00/ bbl - Saudi to USA ! In July August deliveries - thereafter price rebounded sharply - to 40-50 USD/ until end 2020 - then oil prices lept further to 60-80 USD bbl January 2021 and were increasing steadily throughout 2021 ( way before Putin collected the blame in February 2022! ) so the last ramps actually oil was trading in the last months of 2021 at 70-90 USD / bbl and this has nothing what so ever to do with Putin’s exercises - this was a pushed position resulting from markets nervousness ( not a real cause ! But more market jitters - and this caused the price rise to 135 USD - it was not Putin and Putin had not invaded ..! It was infact the threat of sanctions - that drove up prices - and then obviously sanctions were actually issued - with the result that Russia then started as a result its special operations .. and the rest we know from here - with retaliatory and continuing ratcheting up of sanctions oligarchs companies and recently Putin’s own daughters funds …! So without sanctions it is quite possible that Putin would not have invaded .. he didn’t intend to ..!

[@pocki892]

Is it a coincidence that his name is Chevron?

[@adampatterson]

I don't know much about anything. But you should be comparing Norway to Canada. And Alberta might have a surplus but it's also paying other provinces equalization payments. The surplus is like a Cookie jar, Just one more. But it's embarrassing to see how money was handled here.

[@Leo-em4pf]

Brazil must do the same as Norway.

[@kauemoura]

With the levels of corruption in Brazil and its enormous population? I highly doubt it.

[@EverlastGX]

Yeah you czn dream

you are owned by the usa! sorry. war or no money

[@andrerothweiler9191]

Fun fact: Oil price in Norway is also one of the highest in the world

[@jonny8060]

It’s an obvious reason behind it. It’s because the Norwegian government tax what they don’t want, like oil cause it’s pollutant. And what they want they don’t tax as much, like electricity to power the cars.

[@andrerothweiler9191]

@@jonny8060 sure but in majority of oil rich countries is the opposite the case

[@jonny8060]

André Rothweiler I said, that’s how Norway does it. I didn’t say anything about other government or countries.

[@magnusorn7313]

dont get high on your own supply

[@fargorealtors]

North Dakota did the same thing. Pissed it down their leg. Let the big companies take all the profits and when the price took a dump so did the companies on us. Shameful to the people. But the companies got rich and a few people and that's it.

[@pamelad6774]

Btc the predominant cryptocurrency hits $100k by Dec. Cryptocurrencies they're a huge help down the road for financial progress you can invest in bitcoin.

[@leemacdonald6533]

Scotland has the same oil resources and a small population, some diffrence, scottish oil weath was taken from the people and this is still going on.

[@SoidSnake]

+lee macdonald I'm Norwegian and cheered for the Scottish independence during the election. If Scotland got independence from UK, it would be very bad at first, but having all the rights from the oil would soon turn the country to a much better state IMO. I'm not psychic so I don't know for a fact, but that's what I believe.

[@leemacdonald6533]

+SoidSnake I vote yes for my country's independence, strongly believe without the oil Scotland would thrive but having oil is such a bonus, the oil industry is down played to the Scottish people, and from my experiences only 1 in 3 working offshore Scotland is Scottish. it's only a matter of time till independence for Scotland.

[@thebiggestcontroversy5881]

i think im smell somewhere in malaysia

[@wayneronnie7402]

+lee macdonald Hopefully Scotland will become independent in the 2020s when we've drained the oil

[@leemacdonald6533]

+Wayne Ronnie i work in the industry and invest in it, we will still be producing past 2030, but people like you that make us want to leave. did you even watch this video? do you know anything about the industry?

[@patrickross4875]

I dont get how its for every norwegian. Like is any money coming out of the fund? is it going directly to citizens? is it funding public programs?

[@notyourbusiness6907]

it wouldnt be very smart to hand out 2 million NOK to each citizen

[@Rimrock300]

About 3% of the value of the oil fund at the begining of the year, is going into the state budget, covering about 20% of it, and then is a part of the state's money plown into the socity as pensions , healthcare, education and so on

[@KIIXI]

High taxes, .which is why most of major operator have left since 2015 and only the state own company now Equinor is investing in handful of projects

[@SophyaAgain]

Once upon a time there was a motto down here: "The oil is ours." Isn't funny? BTW, I'm from Brazil ...

[@aminuyazid7083]

Is about renewable energy now not oil and with the introduction of electric vehicles eve many countries will be in trouble..

[@karlgerthkvilhaug556]

In Norway all electricity is from hydropower or wind turbines.

[@diggencash9039]

The world will need oil for another 100 years I'm afraid

[@MrSvenovitch]

Humanity is a finite venture. If you're smart don't have kids, they are the adults of tomorrow who will live in a world of less and less (except conflict and wars)

[@virtualworlddisorderrealit1848]

it's always for the benefit of a microscopic few, at the expense of, everybody that can't afford gambling on lawyers, the rest... in Canada... what was once shared by all, HEALTH CARE, is now only for the connected.

[@riohenry6382]

Why didn’t we do what Norway did ? I want NAMES !

[@sussyfallen2914]

rekt Alberta

[@subbuilder3563]

Oil is good. But, what I found amazing in this documentary is that many Norwegians are so fluent in English. How do they teach English in school?

[@KjetilBalstad]

Children start learning English at first grade 5-6 yo. Then there is TV/Movies, KZbin and games. Now days I think I can say most children in Norway have access to or even have their own tablet when they are like 1-2 yo, and watch videos for children on YT, often in English, and even if they don't learn the language they hear the words and are more familiar with the language. Also, many of us travels a lot, and we encourage children to try communicating in simple English.

[@martinbyrne6643]

Send in the Brexit people from the U.K. they know everything .

[@julianoverland4850]

Lol, what tourists call those now quaint houses in Stran neighborhood in Stavanger used to be a real SLUM, with really poor people living in harsh, harsh conditions. Unfortunately people forget that nowadays with all that sudden wealth 🙃😐

[@Henrikko123]

Nuddsen -.-

[@gunorijssel7987]

What a pity that you didn't ask the most relevant questions to the right people: 1. what was the INITIAL DEAL like; 2. how much percentage of the oil and wealth went in the beginning to the oil companies and how many to the State; what is the percentage TODAY;3. has Norway NATIONALIZED part or the whole industry or are they still working with foreign companies; 4. If there are still foreign companies active then HOW does the deal look today compared with in the beginning. THESE ARE THE QUESTIONS THAT WOULD LEAD INTO THE ANSWERS TO EXPLAIN THE RICHNESS OF THE NORWAY PEOPLE!!....What a shame, what a shame!!

[@notyourbusiness6907]

he also didnt mention the fact that norway was wealthy long before oil

[@johnhenninger1980]

someone, dvs Finn Lied.

[@johnhenninger1980]

Not Jens Evensen

[@isaaccooper9258]

It's not like Norway has access to one of the richest oil deposits in the world or anything, they are only rich because the government took money from the oil industry. (Sarcasm.)

[@notyourbusiness6907]

Norway was a wealthy nation long before oil

[@jovisgonorway1001]

@@notyourbusiness6907. Yes, that's right :) The oil is just a big bonus 💪💪💪👌

[@mikropono]

Must've been the most boring country. Imagine no issues on money. All are provided by gov't.

[@williamlouie569]

So in Norway they share the nation's wealth instead few hog up the wealth. Good socialism.

[@KjetilBalstad]

It's not socialism, it's common sense. Norway is not a socialist nation, but even so we also try having a broader picture on things, and think forward, beyond the 4 years between elections.

[@stukagamerxtreme]

Immigrate to norway

[@JorgeGomez-um9qb]

Venezuelans and Mexicans watching how Canadians say that they suck compared to Norway: -_-

[@thatcoolkidjoey]

One trillion dollars divided by 5 million equals $200,000 per person not 1 million glad she's not managing it

[@lolfredriksen457]

thatcoolkidjoey i think she meant 1 million kr per person.

[@jovisgonorway1001]

thatcoolkidjoey. Norway owns and has invented the world's most advanced technology for finding and drilling for oil ! We build the world's best and technically most advanced oil platforms, and produce the world's cleanest and best oil in terms of quality !. In october 2019, the norwegian petroleum fund exceeded a market value of NOK 10,000 billion. Since 2012, the fund is the world's largest state-owned fund. NOK 10,000 billion divided between Norway's 5 328,212 inhabitants, this corresponds to NOK 187,680 per Norwegian inhabitant. We Norwegians are very rich ! No doubt about it. And we can laugh all the way to the bank, or the ATM ! :) :) :)

[@venus189]

We(Norwegians) try to keep everyone happy with enough money so they dont go stealing ect. Plus we pick up the mentally and physically ill rather then neglect them and therefore not have unhappy crazy sick people on the streets. And police dont have guns and we have democratsy. Its like a wery nice but firm father figure of a country

[@notyourbusiness6907]

norwegian police have guns indeed, but they are locked in the car and need permission to be removed

[@axxessmundi]

1 trillion dollars every minute? That's way off!

[@diggencash9039]

Hehe, that would be something! 1T is the total worth.

[@mmolokidanster9401]

I wish african countries could copy such policies

[@jameson3500]

Africa has the resources, it's just the corrupt politicians skimming everything off the top.

[@raynus1160]

Sure. I'll bite, CBC. Norway's five million people didn't have to share their oil wealth with another thirty million people. They also pay a 25% consumption tax on everything they buy. Taxation makes up over 42% of Norway's GDP. Try that here, and Canada would become a fractured former country.

[@ruthnoronha8206]

Don’t get too cocky Norway, you are human not God!!!

[@armandhillon6270]

Canada's conservatives should guess what policies Norway employed... Socialism... the thing you dread such as corporate taxes actually provides a better standard of living lol

[@GCStalker]

When the oil has run out it will be back to canning sardines.

[@gullfeber]

nope. things are currently looking very good for norway

[@karlgerthkvilhaug556]

For that to happen, it is a fund that gives money to people who want to invest in innovative technology. So if you live in Norway and have an idea or a concept that is innovative then you get the resources to start up a company, this gives future jobs and money to a future economy. Another thing is that everything above a fixed GDP goes into the oil fund, so it doesn't lose money. To secure the whole, the state buys up government bonds. Norway has bought $ 70 billion in US bonds. so if Norway goes bankrupt, we still own a little bit of the USA :-) And the USA is not the only country we have bought state bonds from :-) Let's say a family goes "down" financially then it gets the money from the state to cover the expenses for the house, electricity, food, clothing, vacation, leisure activities for the kids and covered loans. How many homeless people are there in your country? :-)

[@themetricsystem7967]

well, you lost the part of how the fund invests. in american companies and real estate among other things.. www.nbim.no/en/the-fund/returns/ www.nbim.no/en/the-fund/how-we-invest/ www.nbim.no/en/the-fund/holdings/holdings-as-at-31.12.2018/?fullsize=true so if we are to back to canning sardines, it must be partly because americans must have done a very bad job

[@davidfrieda8700]

aghh aae

[@andrerothweiler9191]

Somali very happy Norway, a lots of welfare

[@bestcollectionsofpranks3136]

Ok Kremlin troll..... Russia has lots of resources but poor population!! KGB dictator putler and his oligarchs have stolen their wealth

[@jffry24]

Disgusting

[@elisabethc6824]

??

[@nabadguul3461]

D

[@knutholt3486]

The petroleum prices have collapsed and the Norwegian petroleum sector hardly gives any proffit any more, rendering Norway without sufficient income for its supeheavy society. For the time being Norway is living off saved assets and is using up its wealth in a rpaid speed. The private sector is gathering a steadily hyigher dept and is also living off borrowed money. This can not continue in the long run, and Norway is heading towards a massive breakdown economicly and socially.

[@gandidoorkoj1629]

I think while I can see your points, you underestimate we Norwegian people's ability, we are leading in power generation In renewable fields such as osmosis, if we can create more effective energy then less need be spent on energy and while now we spend large amounts of unsustainable wealth on some sectors, these sectors with the money will grow in effectivity and become less reliant on large sums of money as effective methods are in place.

[@thenobleandmightybeaver4411]

That isn't true. The economies which are really hurting from the drop in oil prices are those who cannot store their oil for any amount of time. The Russian oil industry is collapsing because they have no choice but to sell their oil at low prices because they didn't create any storage infrastructure. Oil prices will increase and the countries who are able to store their crude will sit on it until those prices increase. Beyond that, they have a massive amount of capitol which they are able to live off the dividends in lean years. Their interest grows more interest regardless of whether they sell any oil or not.

[@96ace96]

Knut Holt Considering the Oil Fund is still growing, and shows no sign of stopping. I really don't get this doomsday prophecy. The wealth Norway's oil has produced has been stored in investments. Even if the oil was run out tomorrow, the Pension fund would still grow. It would keep producing wealth at the same growing rate. It is no longer linked to oil.

[@knutholt3486]

The Norwegian people do not see anything of this steadily growth. On the contrary, the avarage income of a Norwegian citizen gets steadily more difficult to live off, after the monthly payments on the heavy dept burden has been made. Look around, and you will see that things are not going very well in Norway. My doomsday prophesy is actually rolling out day for day right now.

[@gullfeber]

du tar så feil knut. les deg litt opp på blant annet E24. økonomisk sett ser ting veldig bra ut i fremtiden og store statseide selskaper vil kunne sakte men sikkert trekke seg ut av oljeindustrien og investere i mer fornybar-relaterte energimuligheter og vil styrke økonomien ytterligere. Vi er og vil fortsatt være rike og lykkelige

[@kalebhgoodwin]

Who wants to live in a rich country, but have horrible weather. Almost no sun all year long.

[@gullfeber]

But this is just straight up false?

[@jamescrud]

And they say socialism doesn't work. It does work but you need a government with a moral compass and a set of good ethics.

[@iralyz6664]

Norway isn't a socialist country. We're a capitalist country.

[@themetricsystem7967]

norway is a capitalist country, but with a different kind of capitalism than in usa

[@omarhama2934]

bra

[@solitaire3605]

Norway doesn't have to support Bulgaria, Romania, Turkey......

[@x-poker4095]

People doesn't really need Government, But Government Need People

[@jimmybar11]

Settling up an investment that would benefit you is something one would be aiming towards. I wasn’t really a fan of online business because I have actually been doubting this all my life because I have been taken before by several scammers. But after my encounter with AUSTIN my prospective of online trade changes and I I’m now a millionaire from bitcoin.

[@jimmybar11]

[phone].

[@badenbrarrar]

@4:20 "every Norwegian a millionaire" - well.... then every Kuwaiti and Qatari will be Billionaires.

[@powerkingez9682]

my countrys savings alone if the goverment choose 2 coud pay out over 2 houndred thosand dollars per citizen, just think about that for a moment while u guys are 19 trillion in debt

[@Proskater134]

well no. Since those governments are not putting the money in an oil fund.

[@gullfeber]

om du har en million totalt uansett i formue eller inntekt er du per definisjon en millionær. noe de fleste i norge må ha om en skal overleve boligmarkedet

[@sveingeraldhansen7275]

No they will be broke, they are using money like...

[@KilonBerlin]

Norway has also the luck, that unlike the UK it has some 50/50 projects with Russia very far North or in the Barent Sea... "Goliath" oil field is even operated by (Italian) ENI... Gas is increasing for many years in a row now while UK had both peaks around ~2000... Norway has a population which is maybe 7.5% these of UK? The country therefore is very low populated, the density is only high in the few towns like Oslo, Narvik and others... so they can use Hydropower, the Gasoline and Oil is not wasted - Gasoline is expensive - ok Countries which offer cheap gasoline like Iran, pre-2003 Iraq, Qatar etc are extreme rich in oil reserves... Norway will do well I guess... they only need to controll migration. It was already quite high, but still ok, before the migration crisis started...

[@gullfeber]

wrong. migration here is not a big issue atm. you mix norway with sweden

[@karlgerthkvilhaug556]

If an Norwegian oil company starts drilling after oil and finds it in the Barent Sea they pay the Russian goverment 10% of the surplus and the Russians do the same whit Norway. It has worked out fine in the fishing industry for over 50 years.

[@kevinroland7430]

It's almost like they could pay for their own defense with that money.

[@ujmm]

could, but when the U.S spends a ridiculous amount far higher than they need, life is good.

[@GoldenNorway1]

This is what we like to call socialism. And it might surprise you, but it works far better than capitalism even though you learn the opposite in school.

[@gaybama5957]

sure if you like a mediocre life

[@sigurddaehli]

It's not socialism. The idea of a welfare state was voted in by all parties. We have a mixed economy. Right now we have the more conservative parties in charge.

[@karlgerthkvilhaug556]

@@gaybama5957 The average pay in Norway is 65000 USD, plus 10% and 6 weeks whit payed holiday. mediocre life?

[@iphoneusdsd]

The welfare state is a failing economy but I think in my lifetime it will last..unless some huge crisis comes.

[@magnusorn7313]

its biggest hurdle is the size of the boomer generation

[@VasSagar]

if Norway is so rich, why did they lead the bombing missions over Libya, killing civilians, overthrowing regime, putting that country into chaos, instability, haven for ISIS?..

[@mxd6]

Stick to the subject and stop the trolling please.

[@bjornerluffy]

Has nothing to do with the economy, rather poor foreign politics

[@SoidSnake]

+Vas Sagar Because we're part of NATO. And the politicians believed the country would get better after killing the dictator and his regime. They were wrong.

[@taffelost6221]

How is that relevant to being rich?

[@gaybama5957]

Obama and Hillary destroyed Libya not NOrway