Aug
10
For Norway, Oil at $50 Is Worse Than the Global Financial Crisis
ByScandinavia’s richest nation is facing a mess
The Mongstad oil and gas refinery, part-owned by Statoil ASA, is near Bergen, Norway.
Heidi Wideroe Bloomberg
When the financial crisis brought the global economy to its knees, Norway was largely unscathed. But oil under $50? That’s another story.
Unemployment peaked at about 3.7 percent in 2010 in the post-crisis aftermath. Falling oil prices already pushed the jobless rate to 4.3 percent in May, the highest in at least 11 years, and that was before a renewed drop in Brent crude.
Here are a few ways it’s harder for Norway to deal with plunging oil prices than a global financial meltdown…
For Norway, Oil at $50 Is Worse Than the Global Financial Crisis
