Twitter / enviroblack: Norway to double carbon tax ...
Norway to double carbon tax http://goo.gl/gH0bo - presumably economic ruin and penury lie ahead for the poor deluded saps?Business & Technology | Norway's oil yields wealth of cash amid Europe's debt | Seattle Times Newspaper
In bookkeepers' terms, the industry has accounted for value creation — revenue that exceeds expenses — of nearly $930 billion since the 1970s, and future good times appear certain with the additional supplies beneath Norway's part of the North Sea floor.
The country's main challenge has been managing the oil wealth and keeping it from overheating the economy of the tiny country of 5 million people.
After financing welfare programs that are the envy of the rest of Europe, the Norwegian government still has so much money that it is forced to invest it outside the country for fear of creating bubbles in the domestic financial and real-estate markets.
The country's $550 billion sovereign wealth fund, set up in 1996, owns through its investments some 1.9 percent of the European stock market and holds about 1 percent of traded global shares.