High prices for oil and gas have sent more offshore revenues flowing into the Norwegian treasury. Never before has Norway earned more money off its oil and gas industry, which climate and environmental activists want to eventually phase out.
State statistics bureau SSB (Statistics Norway) reported that the value of Norway’s natural gas exports amounted to NOK 72 billion in October, marking a sharp increase from the NOK 48.7 billion registered in September.
Total exports reached record levels for the fourth month in a row, largely due to strong demand in Europe and in China, which has sent international prices soaring. “We produce almost as much gas as oil, but gas normally isn’t so valuable since gas prices are usually lower than oil prices,” analyst Bjarne Schieldrop at SEB told newspaper Dagens Næringsliv (DN). “Now the gas price is much higher, and we’re earning crazy amounts.”
At the expense of customers abroad and perhaps the planet, claim climate activists, even though gas can replace coal as an energy source and thus help lower carbon emissions. The high gas prices aren’t expected to last, though, with Schieldrop predicting they’ll fall when winter is over.