To: energyplay who wrote (22264 ) 10/13/2007 8:05:18 AM From: elmatador Respond to of 217745 Nobel Peace Prize is awarded by the Norwegian Nobel Committee. Alfred Nobel (1833 - 1896) - Chemist, Inventor, and Engineer , was the Founder of among 5 prizes, The Nobel Peace Prize. And in 1901, five years after Nobel’s death, the first 5 prizes in physics, chemistry, physiology and medicine, peace, and literature were awarded. At that time, Norway was in an union with Sweden. The Union between Sweden and Norway was the union of the kingdoms of Sweden and Norway between 1814 and 1905, when they were united under one monarch in a personal union. Norway got power of attorney to award one of these prizes, the Peace Prize. As we know, Norway’s economy is highly dependent on its offshore oil and natural gas sector, which provides the government with its largest single source of revenue and the largest contribution to GDP. In recent years, high oil prices have made for government budget and current account surpluses, and rising disposable income. Norway's dependence upon oil and gas revenues present long-term challenges for the country, especially because many industry analysts believe that North Sea oil and gas production has already reached or passed its peak. In particular, the country faces pension liabilities and other welfare obligations. In response to these challenges, the Norwegian government created the Petroleum Fund in 1990, later renamed the Government Pension Fund in 2005. A portion of annual oil and gas revenues flow into the Fund each year, which serves the dual purpose of buffering the short-term variations in oil revenues and providing a mechanism to transfer current wealth to future generations. The Fund, which holds a combination of cash, bonds, and shares, holds only international assets and stood at some $240 billion in March 2006. Thanks to my Swedish friend that corrected me.