This is the story about a nation of little more than 5 million people.
Of the 180 nations of the world, it recently ranked number one in the following indices: democracy, freedom, economic freedom, and gender equality.
It ranks in the top 10 in most of the positive indices. By any measure this is extraordinary.
Norway was fortunate to have discovered oil off their coast some 20 or 30 years ago.
Many other countries have much greater oil reserves.
However, unlike other nations, Norway has put most of its oil profits into a Sovereign Fund now the world ’s largest at $882 billion ($175,000 for every man, women and child in Norway).
Norway itself needs little oil as it consists of only 5 million people so virtually all of its oil is sold elsewhere.
Annual revenues from this sovereign fund now exceeds income from oil sales.
The Norwegians have one of the worlds highest Gross Domestic Product per person (GDP/person) which is at least double that of any other European nation and also more than twice the United States GDP per person.
Each year by law only 4 percent of the funds net worth can be extracted for use by the Norwegian government.
In fact, there is talk of reducing this to 2.7 percent. Norway is aware that lavish spending now would result in high inflation.
Some 98 percent of Norway’s electricity is produced by nonpolluting hydropower.
This is the highest percentage in the world. Norway has more potential hydropower than the rest of Europe combined.
Furthermore, no expensive dams are required to harness this power because the lakes are located high in the mountains from which water can flow down through a tube to a turbine to generate electricity.
Also while worldwide fresh water supplies are seriously endangered Norway’s fresh water supply is more than ample.
Norway is also aggressively tackling pollution from cars. It has put in place conditions that encourage the use of electric cars. Import duty and other charges have been eliminated: free plug-in charging; free parking; driving in bus lanes etc.
Today 25 percent of new car purchases are electric, the highest percentage in the world by far.
In most countries going electric cars merely exchanges oil for coal (or gas).
The electric energy must come from somewhere to produce electricity for cars. Norway is unique. As noted above, it has enough electricity generated by hydropower to even run all cars in the country.
Norway has long been a leader in offshore oil rig technology. Recently it has deployed the first portable oil drilling rig.
When oil runs out a rig must be demolished so that it is not a navigational hazard. Norway is now operating the first portable ocean oil rig.
It can retract its legs, be floated to another location and redeploy its legs.
Offshore oil deposits are located on continental shelves where water depth are most often less than 300 feet.The Norwegian portable rig has 300 foot long legs.
Norway has won more Winter Olympic Gold medals and total winter medals than any other nation.
Many of these medals were won years ago when the Olympics were for amateurs only. Even as the Olympics has gone totally professional Norway still wins a disproportionate number of these medals. Prosperity apparently has not made them fat and lazy!!
The weather in Norway is fairly mild despite that fact that its latitude is the same as Anchorage, Alaska.
Its weather is relatively mild because of the Gulf Stream that flows north along our East coast and on to Europe and up the Norwegian coast.
All harbors even in the very north of Norway remain ice-free all winter long. In southern Norway, where the vast majority of the population resides, the winter temperatures are not markedly different than in New York City.
One difference from New York is the hours of daylight. Very few hours of daylight in the winter and very few hours of darkness in the summer.
Norway is an amazing country. Blessed with resources yes but also with maintaining a world leading egalitarian democracy.
Theodore Theodorsen
Manhasset
