Philosopher Guides Norway’s Oil Rich Spending Habits

Norway claims one of the highest incomes in the world, yet the country maintains a rather frugal spending habit.

A country the size of New Mexico, Norway has become the world’s third-largest oil exporter, thanks to its North Sea wells. One of its most productive offshore oil rigs contains a single platform that is making a half a billion dollars a month in pure profit.

But while the region is awash in oil money, Norway has made the sometimes politically unpopular decision to save most of it. Since 1997, three-quarters of its oil profits have gone straight into a national savings account, which today totals $250 billion.

The government has even appointed a philosopher to help decide how to spend the rest of the money.

“Anyone who has that kind of imprint in the world because of the size of the fund has a responsibility,” said Henrik Syse, philosopher with the Norwegian Petroleum Fund.

One of those responsibilities is the environment.

To encourage conservation, Norway taxes cars and gasoline heavily. Despite their country’s access to oil, Norwegians own the fewest number of cars in Europe per capita, and, at $7.30 per gallon, pay the most in the world for gas. That’s roughly $130 to fill the tank of a midsize car.

ABC News