That's not quite true. Norway is pretty much part of the EU already with their association with the EEA (which was established in 1994). Very few general EU directives haven't been picked up in Norway. Granted, some of those are big directives...but it is not true to say that norway is completely outside the EU.
One of the big reasons they are reluctant to join the EU proper is more to do with fish than oil. The fishing industry is almost, if not more, valuable to the economy than the oil and they were, rightly, worried that they would have to give up a lot of their traditions (such as whaling) and it would also mean that their waters could be open for all EU registered fleets to fish in. The Norwegians are very careful about fishing quotas etc. so they didn't really want to risk losing all that work & investment from over fishing.
Incidentally...if anyone is interested, there's a deal between ireland and norway where they and we can go and study/work in each others country without a visa. not sure if that's an eu/eea thing or just an irish/norwegian thing..but, you would be surprised how "eu-fied" norway actually is.
Which is ironic, when many point to norway as an example of how it's okay to stay outside the eu.



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