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Thesis & Antithesis

A critical perspective on energy, international politics & current affairs

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Location: Washington, D.C.

greekdefaultwatch@gmail.com Natural gas consultant by day, blogger on the Greek economy by night. Trained as an economist and political scientist. I believe in common sense and in data, and my aim is to offer insight written in language that is clear and convincing.

18 October 2005

Oil temptations

The Financial Times reports, “a new left-of-centre government in Norway yesterday pledged to use more of the nation's oil wealth to improve welfare in the country named by the United Nations as the world's best place to live” (1). Whether this will actually happen remains to be seen; but it should remind us of the difficulties of using oil wealth constructively. As the world calls on OPEC countries and Russia to use their oil money to reconstruct their economies, the news from Norway should remind us of the difficulty to resist the temptation to spend the extra cash on political instincts.

(1) Paivi Munter, “Norway to increase welfare spending,” Financial Times, 18 Oct 05

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