Norway is the world’s third largest oil exporter and second ranked environmentally friendly country

Did you ever read about Norway’s offshore oil production in your daily newspaper or see a report on the major networks? You have to wonder why?

Norway’s massive oil reserves are all offshore on the Norwegian continental shelf. Their’s is a prime example of how fast the oil can go into production in just three years.

Follow the Norway way to see that a beautiful coastline remains preserved while large-scale oil production goes on off shore. In fact, Norway is ranked second only to Switzerland in environmental stewardship. Another fact on statistics, Norway is one of the richest countries per capita in the world, out ranking many oil-rich nations.

Up until the 1960s very few people believed that the Norwegian continental shelf had oil and gas deposits. With the Ekofisk discovery in 1969, the Norwegian oil boom began. Deep-water production from the field began in June, 1971. During the next few years, a number of major oil discoveries were made. Today, there are 52 major fields in production. In 2006, these fields produced 2.8 million barrels of oil per day and 88 billion cubic meters of gas. Norway ranks as the world’s third largest oil exporter and the tenth largest oil producer, in 2006 figures. Some reports but them second only to Russia.

Ironically, it was the U.S. that first developed offshore oil exploration in the Gulf of Mexico. Companies such as Shell, Chevron, ExxonMobil with the expertise of oil services companies including Halliburton and Schlumberger.

Most of the U.S. continental shelf has been left untouched for 20 years by a series laws enacted by the “green” political movement, bought hook, line and sinker by the Democratic party and in some cases Republicans to keep pace with the propaganda movement of man made global warming.

Former VP Albert Gore made an amazing speech yesterday claiming we had just 10 years to save the world by transforming to wind and solar energy. Had Gore been working in the real world and made such an un-researched claim at a corporation, he would be sent to a detox center for psychological testing.

This week, President Bush lifted the executive ban on offshore continental shelf drilling. But the Democrat controlled U.S. Congress refuses to do so. Think about that when you pay more that $4 a gallon at the pump today. The Republicans wanted to start drilling in ANWR Alsaska in 1993, but Bill Clinton vetoed the bill. That field could have been producing 1 million barrels per day in 1998.

The world price for oil is already dropping. Investors do their homework and have a good idea that the American people are starting to figure out the facts. There could be a landslide sweep of victoroies for Republicans in November.

Mick Gregory

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3 thoughts on “Norway is the world’s third largest oil exporter and second ranked environmentally friendly country

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  2. Just the mention of drilling off the U.S. coast and President Bush’s lifting of the executive order to halt drilling off the coast has poked a hole in the bubble of oil futures.
    Light, sweet crude for August delivery fell 41 cents Friday to settle at $128.88 on the New York Mercantile Exchange—well below its trading record of more than $147 a week earlier.

  3. All speculation based markets are based on anticipation. When reality seems to change, the futures market tries to correct to realign itself to the new expectations.

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