Less than half a decade ago, Greenlanders were imagining the riches that would follow an oil bonanza as the price of crude approached $150 a barrel. That wealth was supposed to buy the island independence from Denmark.
Today, with oil trading at less than $75, well below levels that would make exploration off the world’s largest island profitable, Greenlanders are casting their votes for a new home-rule government after the previous administration collapsed amid an expenses scandal.
“People in Greenland always ponder how to achieve economic independence from Denmark,” Ulrik Pram Gad, a post doctoral political scientist at the University of Copenhagen, said in an interview. “People are just realizing that things will take longer; nobody knows how to fund the economy without oil and mining.”
link.
hat tip to Randy.
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