Oil wealth causes angst for Norway

The Saudi Arabia of the north is struggling to work out what to do with the $1billion it earns each week. Should new reserves be left untapped or its citizens made even richer?

The US Geological Survey estimates that a quarter of the world’s undiscovered oil reserves lie below the Barents Sea, around the Lofoten Islands and along the coastline to its border with Russia — it is already being dubbed the northern Persian Gulf. Geologists say Norway has dipped into only a third of its potential liquid gold and a tenth of its gas deposits.

To date Norway has had only 1% of the world’s reserves. But it has been able to sell 90% of all the oil it finds because its production methods are so efficient.
The Sunday Times