Word: norwegians
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...proven reserves of about 6 billion bbl., and experts believe that the potential is at least twice that amount. Surprisingly, though, Norway is approaching its new riches with Scandinavian solemnity. Government planners predict that by 1981, oil output will pump more than $2.7 billion in yearly revenues into the Norwegian economy. The inflow, they gloomily believe, may bring more problems-in disruption of other industries and inflation-than benefits...
Since oil was first discovered on the Norwegian continental shelf about five years ago, some 16,000 workers have left their jobs and flocked to the coast to work on oil rigs and supporting construction industries. As a result, the shipbuilding and fish-processing industries are suffering labor shortages. Manpower problems have even hit the Norwegian navy, which has been forced to lay up one of its five frigates for lack of trained personnel...
...economy can absorb. The government can spend some of its excess profits on social services. It can also reduce its steep income taxes (now ranging up to 90%). But University of Oslo Economist Erling Eide predicts that any reduction in taxation would lead to a severe inflation resulting from Norwegians' increased spending power. The only way to contain the inflation, Eide says, would be to revalue the krone to reduce the cost of foreign imports. Revaluation, though, would damage such Norwegian export industries as fish processing and paper by raising the prices of these commodities in foreign currencies. Significant...
...served diligently. Certainly, the Secretary of Agriculture should not ignore the interests of American farmers, but he should not serve them to the detriment of farmers in Asia, Africa and Latin America. American agricultural policies must begin to take the rest of the world into account. One of the Norwegian delegates in Rome suggested that Kissinger, Butz and other key ministers should be locked up in a room without food for ten days and then be allowed to make food policies. It certainly wouldn't hurt...
...more immediate world importance than a strike reported last week in the Norwegian North Sea just below the Arctic. Oil exists there in quantity but under 4,800 feet of water; the technology does not now exist to get it out at acceptable cost...