AI Is Our New Oil: Will We Spend the Boom or Build the Future?

I’ve just come back from the magnificent Norway, and one thing stuck in my mind: every home I saw felt dignified.

Not extravagant. Not neglected. Walking those streets, I could see a country where everyday living felt secure. The houses weren’t flashy. They radiated quiet elegance, longevity and care.

This is the standard every community should be able to enjoy.

Norway’s Oil Boom: Prosperity by Design

When the oil boom arrived, Norway could have taken the typical path:

  • A handful of big winners
  • Rising inequality
  • A short‑lived boom that left most people behind

Instead, it chose shared prosperity (without killing ambition):

  • Rewarded work and innovation – businesses and skilled workers thrived
  • Protected the floor – housing, healthcare, and education were universal
  • Invested for the future – through the Government Pension Fund Global, now worth $1.5 trillion

The crucial thing:

Norway didn’t reward idleness. Its sovereign fund was proportional to growth, collective, and reinvested into society, creating a nation where hard work still paid, but no one fell through the cracks.
Stavanger, Norway

The UK took a different path. North Sea revenues were spent mainly on tax cuts, welfare, and debt reduction, rather than saved or invested. When the oil boom faded, there was no sovereign wealth fund and no enduring national asset… a cautionary tale of how a windfall can disappear without leaving lasting wealth.

Now, with a new windfall in sight, we have a chance to choose a different path.

The AI Boom: Our Generation’s Oil Moment

Artificial Intelligence is the new oil: a transformative force that could generate vast wealth and reshape how we work.

The upside is thrilling:

  • Automation that removes repetitive tasks
  • Small businesses scaling globally with AI tools
  • Productivity gains that unlock new industries

But the risks are real:

  • Winner‑takes‑all markets: AI infrastructure is controlled by a few giants (OpenAI, Google DeepMind, Anthropic, NVIDIA)
  • Job disruption and transformation: AI experts predict that up to 50% of entry‑level white‑collar jobs could disappear within five years, and millions of roles globally will be displaced or significantly altered by 2027 (research.aimultiple.com)
  • Concentrated wealth: without a framework, gains flow to select shareholders only, not communities

Arguably, winner‑takes‑all markets drive innovation, but they can undermine the social stability that true long-term innovation depends on.

Flåm, Norway


A Thought Worth Exploring: A National AI Growth Fund

What if we treated the AI boom the way Norway treated oil?

1️⃣ Reward work, protect the floor

  • Use AI‑driven productivity gains to fund reskilling and support human‑first roles: teachers, therapists, project managers, client‑facing teams — jobs where trust and judgment still matter.

2️⃣ Make it proportional and positive

  • Think of it as an automation dividend: when AI boosts productivity, a small portion gets reinvested in society’s transition.
  • Example: If a call centre replaces 10 agents with AI chatbots, saving £300k annually, a portion contributes to a national AI Growth Fund, which supports reskilling, transition programs, and local economies affected by automation.
  • Companies still profit well, just slightly less during the boom. Meanwhile, society gains a cushion for long‑term prosperity.
  • It must never be about punishing success. It’s about turning a fleeting windfall into lasting value as we transition from humans to machines completing tasks, and as the emerging job markets develop.

3️⃣ Keep the framework national

  • Start simple. Build it at the country level, with clear, enforceable rules.
  • The goal is shared growth, not bureaucracy – or we risk another UK oil fumble.

Obvious Challenges, but a Solid Principle?

Yes, there are real hurdles:

  • Measuring AI‑driven savings will be complex
  • Implementation adds some bureaucratic overhead
  • Poorly designed schemes could discourage innovation

But these are delivery challenges, not reasons to ignore the principle:

A national AI Growth Fund could help absorb major job transitions, preserve social stability, and fuel long‑term innovation.

Why pursue this despite the challenges?

Ultimately, Norway took the long view while the UK did not. And on most measures of wealth, stability, and social outcomes, Norway outperforms the UK.

Next Steps

The AI boom is at our doorstep, and job market ripples are already felt. We can let it happen to us, or design it so progress lifts everyone — now and into the future.

If we could design the AI boom for everyone… what would you protect first?