The fund has attracted interest also because of its

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Unformatted text preview: tegic resources like oil and gas is becoming tight: “Not only does oil look extremely tight in five years time, but this coincides with the prospect of even tighter natural gas markets at the turn of the decade” (IEA, July 9, 2007). One the one hand, the reserves of the advanced economies are rapidly shrinking and, thus, overexploited, while, on the other hand, those of the Middle East are both much larger and significantly underexploited (Nell, Semmler, 2007). In the Western world, Norway is maybe the only state that profits from high gas and oil prices. The Norwegian Finance Minister, Kristin Halvorsen, revised the annual budget and declared on May 15, 2008 that the net income from gas and oil in 2008 will constitute NOK 356 billion (instead of the NOK 300 billion estimated in autumn 2007). That means that almost a third of the state’s budget comes from oil and gas revenues. This revision is based on oil at USD 100 a barrel.74 Almost all the state’s oil revenue will be put aside. From the NOK 356 billion, only...
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