The act creates a petroleum fund where oil revenues will be saved.
All the government has to do, he says, is spend a little bit more, say 10 billion kroner more ($1.33 billion), of its huge "petroleum fund".
Yet it continues to issue bonds, with a gross debt of 34% of GDP, investing the proceeds in the so-called Petroleum Fund, which is allowed to hold up to 50% of its portfolio in domestic and foreign equities.
It has been canny about its oil revenues, putting 80% of them into a petroleum fund that is invested overseas, so the benefits should last for many years yet.But some people are worried that oil-bloated success could smother other parts of the economy.
Mr Pires says that the uncertainty about the maritime boundary makes it hard to plan for the long term or to attract investment.Despite its growing oil wealth (its petroleum fund already contains $13 billion) Timor-Leste remains one of Asia's poorest countries.
In 1930, the petroleum industry funded the first statewide referendum on daylight saving in California, correctly betting on an increase in pleasure driving.
Stiglitz also said he was pleased that energy reform included a development trust, funded with petroleum income.
During this period, Chávez spent petroleum income to fund social programs.
As an example, Koizumi cited legislation passed by the House of Representatives, known as 21st Century Cures, that would tap the strategic petroleum reserve to fund billions of dollars in NIH research, as well as the long-running use of mandatory sources to fund some types of agricultural and food research.
Look at Norway's "oil fund," which takes a cut of petroleum revenues and invests the money while giving a small annual pay-out from its investment returns.
A study funded by the petroleum industry claims that Harvard would lose $108 million per year in investment returns if it divested its $35.9 billion endowment from fossil fuels, according to The Crimson, the university's campus newspaper.
