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The Associated Press
Published: March 8, 2019 - 12:28 PM
TAVANGER, Norway — Norway’s US$1-trillion wealth fund, the biggest of its kind in the world, will begin dumping shares in oil and gas companies including some Canadian names, but stopped short of barring major producers like Suncor, ExxonMobil and Chevron.
The fund is looking to sell some US$7.5 billion in shares in 134 energy companies over time, including 26 Canadian names.
The Norwegian government said its motivation was not climate activism but financial. The fund, somewhat ironically, derives its income from Norway’s booming oil and gas industry. So reinvesting those proceeds in other sectors is considered a way to keep the money safe should oil and gas prices fall.
“The objective is to reduce the aggregate oil price risk on the whole Norwegian economy,” Minister of Finance Siv Jensen told The Associated Press. “The Norwegian state is highly exposed to oil.”
The Norwegian fund has a stake in more than 9,000 companies worldwide, including the likes of Apple, Nestle, Microsoft and Samsung. On average, the fund holds 1.4 per cent of all of the world’s listed companies. About 70 per cent of its holdings are in shares.
Norway is in the global top 5 exporters of crude oil. The oil and gas sector constitutes around 22% of Norwegian GDP and 67% of Norwegian exports.
Norway is Western Europe's most important source of natural gas. Norwegian gas exports account for approximately 20% of EU gas consumption (in 2010), with almost all
The demise of the North Sea doesn’t necessarily mean the end of Norway’s petroleum era—far from it. Still, despite significant reserves in the Barents Sea, Norway is about to embark upon a long period of structural decline as its benchmark fields inch closer to depletion and its reserves taper before our very eyes.
The country has the fourth-highest per capita income in the world on the World Bank and IMF lists. The petroleum industry accounts for around a quarter of the country's gross domestic product (GDP). On a per-capita basis, Norway is the world's largest producer of oil and natural gas outside of the Middle East.
originally posted by: neo96
I say it a stupid move considering how many by products are made from oil.
There's easily another century left in oil, most all of them are divested in alternative energies.
Dumping stocks is not the same as stopping oil and gas production.
“ In 1933 Charles Nelson Pogue made headlines when he drove a 1932 Ford V8, 200 miles on a gallon of gas during a demonstration conducted by The Ford Motor Company in Winnipeg, Manitoba using his super-carburetor system.”
In early 1936 Breen Motor Company, Winnipeg, Manitoba, Canada tested the Pogue carburetor on a Ford V-8 Coupe and got 26.2 miles on one pint of gasoline (That’s 200+ mpg).
The performance of the car was 100% in every way. Under 10 mph the operation was much smoother than a standard carburetor. T.G. Green, President of the Breen Motor Company did the tests.
Winnipeg’s largest automobile dealers tested the Pogue carburetor and got results of up to 216.8 mpg!
In 1945, according to an unnamed source, carburetors marked “POGUE CARBURETOR, DO NOT OPEN” were used on American Army tanks throughout WWII but were removed from circulation after the war ended.
In fact, many people attested to these mileage claims as The Pogue Carb went into production and was sold openly. [see Don Garlitz, above] However, one of the crucial factors of these systems is the use of “white” gasoline, which contained no additives. (aka Unleaded)
It was at this time oil companies started adding lead to the fuel. Lead is an anti-catalyst that rendered Pogue’s carburetor as inefficient as a regular carb. His invention caused such shock waves through the stock market, that the US and Canadian governments both stepped in and applied pressure to stifle him.
In the opening months of 1936, stock exchange offices and brokers were swamped with orders to dump all oil stock immediately.
After my dad had sent me that copy of the Pogue Carburetor patent, and while I was working on my plans, an old retired gentleman with whom I was acquainted, came into my shop, and began to tell me of his experiences. He had been a machinist somewhere in Minnesota I think, when a French Canadian came to the shop. The Canadian had invented a carburetor, but was having trouble with it vapor locking. The machinist designed a valve for him that solved the problem. While the machinist was talking, he kept saying, “Oh, what was his name? Oh, what was his name?” I finally ask him, “Was that valve shaped like a rod split in half?” He looked at me in amazement, “Why, yes! How did you know?” I asked another question, “Was his name Pogue?” Then the old man was really amazed that I knew. I showed him the copy of the patent that I had, and he was really excited. He went over the papers like an excited child.
The old machinist went on to tell me how several months or was it several years later he had to take some paperwork up to the main office. He had to go through the conference room where he saw Mr. Pogue in the midst of a bunch of oil company big wigs. He named the wigs, but I forget the names. They were heads of Texaco, Shell, Esso, etc. Some of them had red faces, and Mr. Pogue looked like a trapped rabbit. Of course the machinist was very interested as to what was going on, but he knew he wasn’t supposed to be there, so he went on his way.
Later, one of the office boys came down to the shop, and told the machinist, “Hey, you know that Pogue guy that you made that valve for? Well, he sold that carburetor, and plans, lock stock and barrel to the oil company guys. They had a black man carry the whole thing down and put it into the trunk of a Pierce Arrow, and he drove off. That had been the last he had heard or seen of it until I showed him those patent papers.