While the economics of it are sound, i.e. diversification, etc. it still is a major asset movement by an investor who would otherwise be strongly bullish on the commodity. Any way you slice it, this is a big deal.
Most petrostates provide at or below market-rate fuel to their citizens.
Norway has some of the most expensive gasoline in the world, due to really high fuel taxes.
They also seem to have been preparing for life after oil from early on, as opposed to other petrostates only beginning to consider it when it becomes obvious that they have to change.
Great article on slate about it: http://www.slate.com/articles/business/moneybox/2004/10/avoi...
While the economics of it are sound, i.e. diversification, etc. it still is a major asset movement by an investor who would otherwise be strongly bullish on the commodity. Any way you slice it, this is a big deal.