Robustness of Norway Economy and Energy Supply/Demand

Abstract

Energy has a strategic role in the social and economic development of the countries all over the world. Due to the high dependency on fossil fuels, fluctuations in prices and supply have macro/micro-economics effects for both energy exporters and importers. Therefore, understanding economic stability based on energy market changes is an important subject for policy makers and researchers. Norway, as a fossil fuel export country, is a good choice for the analysis of the relationships between the economics robustness and fossil fuel economics fluctuations. While the country is one of the pioneers in the field of sustainable energy utilization, they have tried to provide a robust economic situation for the oil exports revenues. In this article, the effects of energy changes on the economy are investigated in Norway. In this regard, first, the impact of oil price on macro-economic parameters is discussed. Afterwards, the main issues related to the energy economics including resilience of the energy sector, energy policies, economics analysis of the energy sector, and the electricity markets are discussed.