Norwegian production peaked at ~300,000,000 barrels per year, the UK peaked at 140,000,000. Today, Norway is at 190 Mbpy and the UK is at 50 Mbpy.
The UK has a ~12x larger population than Norway. That’s 25x to 45x higher production per capita throughout the entire time the North Sea has been exploited.
That’s all true. However, USA peaked production in 1970 at 9.6 million barrels per day (~3,500,000,000 barrels that year). Their production is predicted to peak again in 2027 above this prior record.
The US population is roughly 5x larger than the UK, but also produced 10x as much oil as them.
The US national debt… $38 trillion USD and predicted to be growing faster than GDP sometime this year. They have famously pathetic social services for their citizens and are reducing services, coverage, and safety-nets every year. The UK’s (with less oil money and fewer citizens) are better.
This problem has nothing to do with the amount of oil generated nor the amount of citizens in the country, and all to do with taxing finite natural resources significantly (Norway) and investing the taxation in a well-regulated manner for the good of the people (Norway), rather than letting billionaires strip the resources for a pittance of taxation (US, UK), living off debt to bankers (US, UK), and privatising your social services (US, UK).
It also only worked because Norway didn’t get invaded because of this approach. Plenty of countries tried to keep valuable natural in national hands, they get sanctioned to oblivion and then the CIA conducts a coup.
Norwegian production peaked at ~300,000,000 barrels per year, the UK peaked at 140,000,000. Today, Norway is at 190 Mbpy and the UK is at 50 Mbpy.
The UK has a ~12x larger population than Norway. That’s 25x to 45x higher production per capita throughout the entire time the North Sea has been exploited.
That’s all true. However, USA peaked production in 1970 at 9.6 million barrels per day (~3,500,000,000 barrels that year). Their production is predicted to peak again in 2027 above this prior record.
The US population is roughly 5x larger than the UK, but also produced 10x as much oil as them.
The US national debt… $38 trillion USD and predicted to be growing faster than GDP sometime this year. They have famously pathetic social services for their citizens and are reducing services, coverage, and safety-nets every year. The UK’s (with less oil money and fewer citizens) are better.
This problem has nothing to do with the amount of oil generated nor the amount of citizens in the country, and all to do with taxing finite natural resources significantly (Norway) and investing the taxation in a well-regulated manner for the good of the people (Norway), rather than letting billionaires strip the resources for a pittance of taxation (US, UK), living off debt to bankers (US, UK), and privatising your social services (US, UK).
It also only worked because Norway didn’t get invaded because of this approach. Plenty of countries tried to keep valuable natural in national hands, they get sanctioned to oblivion and then the CIA conducts a coup.