I live in Calgary, Alberta which is pretty much the exact counterpoint to Norway with a very similar historical starting point (size, population, dynamics). It doesn't matter who's in power, all our governments spend like drunken sailors on shore-leave, no sales tax to even out the boom/bust (and counter low-ish taxes), A savings fund that is now empty going into an incredibly rough period.

I'm not says one is better than the other - Norway looks great right now, but didn't when I visited ~10 years ago and my Subway "value" meal cost over $25 CDN - just an interesting counterpoint.

I keep waiting for that manufacturing "bump" from Eastern Canada we were promised from a sinking dollar...