Norway's Oil Secret： From Embargo to $2 Trillion Empire! #shorts
Episode Stats
Words per Minute
144.00337
Summary
In this episode, I sit down with a former CPA to talk about how the Norwegian oil industry has grown to a $2 Trillion dollar industry in less than 40 years, and how this happened in the midst of the 1973 oil embargo.
Transcript
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Here we were in 1973, a really crazy time in the world where embargoes, and we'll talk about in a
00:00:08.000
minute, the impacts of the embargoes were absolutely insane throughout the world. So the embargo was
00:00:14.160
from October to March, 73 to 74. And here we were, Norway made the decision to go another direction.
00:00:22.640
So Norway said, okay, we're going to get heavily into the oil business. We're going to make it a
00:00:28.880
nationalized industry uh and it's grown and uh you know it's basically grown today to a hundred
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billion a year revenue business for the country um it does about nine billion in uh net income
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and it's it's grown to a two trillion dollar industry which has created a wealth fund that
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is unbelievable for the country the the country uh for a small country and i i was you know i'm
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I'm always looking for stats because I was an ex-CPA, as I mentioned.
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I didn't know that there's only 5.6 million people in Norway.
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So it's a relatively small country, as you probably know.
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And their GDP per capita is 86,000, which is roughly about 30% more than Canada.
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So it's a fairly wealthy country at a fairly small landmass.
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only 300,000 square kilometers. So, you know, I was looking at him thinking, wow, this is really
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interesting. And to your point, what a turning point. Like, it's amazing. Like that policy
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decision that we made at that time caused us to go down this road. And this company that the
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Norwegian set up controls basically 60% of the total production. They then branched out and they
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now operate oil and gas fields in brazil even here in canada china libya nigeria russia uk u.s venezuela
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processing plants in belgium denmark france and germany and they've expanded to a pipeline
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building they have a pipeline building now business a solar a wind at home and in scotland
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in Poland, so they have wind turbine companies, and they have 2,500 gas stations.