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Norweigan oil fund

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Re: Norweigan oil fund

#301

Post by atq2119 »

fulafel wrote: post #248
lnsru wrote: post #28

Wow! These people must be extraordinary to use oil money this way! Not kidding! Never been in Norway, but in countries I have ever been this would be barely possible due to corruption and the needs of the politician’s buddies. Like yachts, private jets, Bentleys and Vertu phones. This $186k/person isn’t far from what average German poses: https://www.bundesbank.de/resource/blob/617492/cd59713c156ad...

I wonder which model is better for phasing out oil/gas extraction, which is a precondition to stopping climate change. It might be bad for the voting public to be invested in oil.

The beauty of the Norwegian oil fund is that it isn't invested in oil.

The fund grows from oil revenue, but it invests in all sorts of things that are specifically not oil. So there's not much conflict regarding oil divestment.

Re: Norweigan oil fund

#302

Post by aussiegreenie »

buboard wrote: post #73
lnsru wrote: post #28

Wow! These people must be extraordinary to use oil money this way! Not kidding! Never been in Norway, but in countries I have ever been this would be barely possible due to corruption and the needs of the politician’s buddies. Like yachts, private jets, Bentleys and Vertu phones. This $186k/person isn’t far from what average German poses: https://www.bundesbank.de/resource/blob/617492/cd59713c156ad...

Norway was lucky to be a very developed society before oil was discovered. In most countries oil is a curse

There is/was more oil in the UK controlled North Sea and England has nothing from the resource.

Australia is the largest exporter of LNG and gets about 3% of the Royalties that Qatar earns. it is simply incompetence and corruption.

Re: Norweigan oil fund

#303

Post by andness »

Kjeldahl wrote: post #277

Surprised nobody mentioned that the whole fund and its future returns have been promised away already as future pension for the people working for the government (far too many). This is due to politicians and a too large part of the population that mistake "feeling good" as "being smart", and failure to recognize that the economic model that has worked for as long as the oil revenues kept flowing in, will stop workin…

The "About the fund" page has a section called "The fund's purpose and history" which seems to completely contradict what you're saying.

Re: Norweigan oil fund

#304

Post by em500 »

atombender wrote: post #136
punnerud wrote: post #18

Earlier quoted context omitted.

Sales tax is 25% (lower on food + public transport). Income tax is close to 50% for most of people (progressive), in addition there is a 14% tax per employee that the companies have to pay. If you take out dividend there is a 25% tax that don't earn you pension.

Norway is also one of the few remaining countries that have a wealth tax (among OECD countries, the only other one is Switzerland), which is currently at 0.85% of all net assets above 1.4m NOK, including cash, public and private stock, cars, boats, and of course real estate. Material assets such as real estate is assessed based on tables that take square footage, age, etc. into consideration. The tax is, unusually an…

Netherlands also has a wealth tax.

Re: Norweigan oil fund

#305

Post by MaxBarraclough »

pytester wrote: post #62
lr4444lr wrote: post #34

The Norwegian success is the single biggest piece of evidence as to why the Venezuelan catastrophe was largely avoidable, and the fault of irresponsible leadership.

Except every other oil dominated country - e.g. Iraq, Libya, half of Africa is more like Venezuela (worse even), than Norway. The oil curse is very real and, for Venezuela, largely unavoidable.

I'm reminded of a YouTube video, The Rules for Rulers, that touched on this. It makes the point that in a country with oil-based wealth, the keys to power are held by a few small elite, in contrast to a country with a 'service economy', in which case the masses are vital to the country's wealth.

[0] https://youtu.be/rStL7niR7gs?t=733 (Relevant segment is about 60 seconds)

Re: Norweigan oil fund

#306

Post by atombender »

em500 wrote: post #304
atombender wrote: post #136

Earlier quoted context omitted.

Norway is also one of the few remaining countries that have a wealth tax (among OECD countries, the only other one is Switzerland), which is currently at 0.85% of all net assets above 1.4m NOK, including cash, public and private stock, cars, boats, and of course real estate. Material assets such as real estate is assessed based on tables that take square footage, age, etc. into consideration. The tax is, unusually an…

Netherlands also has a wealth tax.

It's a bit different. Also, no capital gains tax.

Re: Norweigan oil fund

#307

Post by hdfbdtbcdg »

varjag wrote: post #294
hdfbdtbcdg wrote: post #242

Earlier quoted context omitted.

Snow and ice 5-7 months of the year in Oslo...

If by 5-7 you mean 3-4 in a good year, sure.

No I mean 5-7. The skiing is rubbish until January but the ground is frozen by the end of October and defrosts in late March/early April. Lots of places have colder winters than here but they do drag on.

Re: Norweigan oil fund

#308

Post by varjag »

hdfbdtbcdg wrote: post #307
varjag wrote: post #294

Earlier quoted context omitted.

If by 5-7 you mean 3-4 in a good year, sure.

No I mean 5-7. The skiing is rubbish until January but the ground is frozen by the end of October and defrosts in late March/early April. Lots of places have colder winters than here but they do drag on.

I can't really recall when there was snow in Oslo for half a year. Some years were nearly snowless. Officially, the winter period in Oslo is 119 days.

And well north of the city/further from the sea you can feel proper winter better, sure. Even so close as Lillestrøm it's crisper. But again, nothing unusual by North/central European standards.

Re: Norweigan oil fund

#309

Post by hdfbdtbcdg »

varjag wrote: post #308
hdfbdtbcdg wrote: post #307

Earlier quoted context omitted.

No I mean 5-7. The skiing is rubbish until January but the ground is frozen by the end of October and defrosts in late March/early April. Lots of places have colder winters than here but they do drag on.

I can't really recall when there was snow in Oslo for half a year. Some years were nearly snowless. Officially, the winter period in Oslo is 119 days. And well north of the city/further from the sea you can feel proper winter better, sure. Even so close as Lillestrøm it's crisper. But again, nothing unusual by North/central European standards.

2 winters ago... Last winter was very mild though.

Re: Norweigan oil fund

#310

Post by ehmish »

KFC_Manager wrote: post #209
KFC_Manager wrote: post #208

Earlier quoted context omitted.

This might be a good resource to get some more context on different countries’ energy systems and where petroleum plays in. https://ocw.mit.edu/courses/sloan-school-of-management/15-03... This is particularly visual. Not taking away from Farouk al-Kasims contribution but find Norway to see how unique their particular situation is.

Forgot the link to the energy maps https://e-reports-ext.llnl.gov/pdf/473335.pdf

Even better: https://www.iea.org/sankey/
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