How UK lost its oil wealth but Norway didn’t
Norway and the UK were having the largest oil sources in the north sea but their approach towards it is very different. It seems like a blessing for Norway whereas it is not that beneficial for the UK. Let's see how it became a blessing for Norway and how it has less impact on the UK. During the period after the 2 nd world war, almost every western European country was digging for oil in every way they can but that only resulted into less than 100 barrels of oil per day whereas if you see Middle eastern country they have managed to develop 3000 barrels of oil a day. The condition of both the countries before they found out oil First oil resource was found out in the year 1962. Before that Norway was not that much developed as the country have 2 major resources of money that are fishing and shipping in which they are very good. In the other hand, we have seen that British was building its empire but the main thing is they rely too much on oil but actually th...