Norwegen is bloody lucky that:
a) they have so much oil
No doubt about it.
Norway would be a rather poor country if it wasn't for oil.
However only a small part of the huge gain is used for spending.
It's also important to note that Norway doesn't have "easy" oil like in Saudi Arabia: Norway had to build the technology and the expertise to extract its oil.
Norway also decided to do by itself instead of (under)selling out to some big corporation: this meant that Norway is now reaping the profits and it's in charge of its own destiny instead of being in the hand of some foreign petrol corporation.
Norway also didn't waste the oil profits (see middle east) or use it for populist agendas (see Venezuela).
b) the benefits are shared accross society
This is a very important point.
In Norway there is a relatively small gap between top and bottom salaries.
It's a very egalitarian society; for people it's normal that even "low" jobs should be well remunerated.
Nonetheless. Other countries are purposely not using their oil reserves so that when the oil of some runs out, they can start tapping their own instead of importing. Not sure what the status is on Norwegian's oil supply but perhaps it could backfire within a century or so?
Norway already uses very little oil internally: all power production is hydroelectric.
Oil is used for transportation, however the state tax the hell out of fuel to reduce consumption and promote electric cars (e.g. in Oslo you have free recharge of electric cars).
The thinking is to sell the oil now and invest (not spend) the revenues out of it.
Norway is already working hard to reduce any dependency on oil.
In a century we will have to do without oil anyway.
About the fund:
In US, budget deficit is the problem.
In Communist Norway, budget surplus is the problem. Simply ain't no place to profitably invest all that damn money.
...
It's even funnier because I think it describes the current greatest problem of Norway kinda accurately?
Somehow, yes.
There is too much money and it will not wise to spend it.
