Question

suppose the Finnish government allows resource extraction that produce large quantities of oil

Answer 1

First of all there's no naturally occurring oil resources in Finland yet discovered

And if we Suppose there is resources and The Finnish Government allows resource extraction that produce large quantities of oil, There will be some changes and effects :

Finland imports of oil reduces ( which are mainly from Russia) And as we know Finland exports refined oil

so the exports related to refined oil increases ( which are 30% to 40% in 2017 )

It will improve the Balance of Payment account of the country

With the increased quantity of oil in Finland, The taxes on oil will be reduced, but this will also depend on the government policy because Finnish Government does heavily tax the oil

The reason for high tax on oil by government maybe because of the issues related to global warming, so it can reduce the demand of oil and people will switch to other sources which are less harmful to the nature

Oil consist 23% of the total energy consumption in Finland

As there's no source of oil in Finland so there is no rights regarding oil

Pipelines will be constructed after the extraction of oil because till now all oil is imported by trucks or in containers of train and ships

Thank You.

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