In addition to the direct 3.3% - Norway's petrochemical economy provide 36% of government funding through taxes.
In addition, 445 Billion dollars from the oil fund is in reserve for pensions.
Simply put, the Norway model is not repeatable unless you're have a natural resource reserve. One could argue that the US shale reserves should be used in similar fashion.
> In addition to the direct 3.3% - Norway's petrochemical economy provide 36% of government funding through taxes.
That is a pretty big industry. Crude petroleum and crude gas consists of over 50% of exports. A lot of economical activity leads to a lot of tax revenue. Imagine if this industry did not exist, that the petroleum simply did not exist to begin with - the people that work in this industry now would be working in other sectors and industries. (The real problem is to replace this industry with something else once the well dries up. But that is a problem brought by such a big oil industry, not a problem that exists in spite of it).
> In addition, 445 Billion dollars from the oil fund is in reserve for pensions.
I think the whole point of the fund(s) is for them to be pension funds. But it may vary how strictly they are ear marked.
Now you're undermining your original point of the oil sector subsidizing the budget. The whole point of the Pension Fund is so that the incumbent government can't go on a spending spree and leave the future generations in the mud.
In addition, 445 Billion dollars from the oil fund is in reserve for pensions.
Simply put, the Norway model is not repeatable unless you're have a natural resource reserve. One could argue that the US shale reserves should be used in similar fashion.