ABSTRACT
The optimism expressed concerning the Norwegian economy, given the high dependence on exports and international economic conditions could appear as simplistic or even nave, revealing a lack of understanding for the problems of Western countries that do not have oil to export. Consequently, the counterpart of the political rent for North Sea oil and gas, which may be a commercial advantage, is that the suppliers of North Sea oil and gas are potentially subject to stronger pressures than external suppliers, and this may be a serious political disadvantage. Given the strategic and economic importance of oil, particularly when scarcity looms on the horizon, exporting oil is also a form of foreign policy. Norway might have to give some concessions to the Soviet Union concerning foreign participation and military installations in certain waters and some concessions to the Western allies concerning the rate of development.
