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What Happened To The UK's Oil Wealth? Norway’s Opposite

For more than four decades the UK actually produced more oil than Norway. The trouble is that whilst Norway has gone on to establish the world’s largest Sovereign Wealth Fund, at over $1 trillion dollars and owning a staggering 1.5% percent of all shares on the planet. The UK on the other hand... well it has little to show for it. But why? Why did the two nation’s take such different approaches to their oil wealth? And why has the Norwegian state earned more than double per barrel of oil equivalent than its UK counterpart? The oil and natural gas riches of both countries lay literally side by side, beneath the North Sea. An area where offshore exploration and production started in the 60s, but only really took off in the late 70s and early 80s. During the late 70s, the prospect of large scale North Sea oil wealth came to the attention of UK prime minister James Callaghan. #UKOil #NorthSeaOil #Norway ▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀ Enjoyed the video? Subscribe here:    / @altsimplified   Follow AltSimplified on Social media: Facebook:   / altsimplified   Twitter:   / altsimplified   Quora: https://www.quora.com/q/economicsalts... Discord: https://discord.io/altsimplified Other Discord Link:   / discord   ▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀ 📕Recommended Reading: Many have asked what we'd recommend to start reading, so check out the links below. They are affiliate links, but come at no extra cost to the viewer, you'd just be supporting the Channel if you used them. 📘"The Ascent of Money: A financial History of the world": https://geni.us/TheAscentOfMoney 📘"Debt: The First 5000 years": https://geni.us/DebtTheFirst500Years 🎙The mic we use to record: https://geni.us/MicWeUse