This chapter explores the development of the Norwegian natural resource policy. Since the beginning of the twentieth century, Norway has relied on natural resources for much of her economic growth. The resource policy has been marked by strong state regulation and a firm, but pragmatic, resource nationalism. The government has intervened to increase industrial spill-over effects, but has refrained from pursuing an active import substitution policy. The chapter also examines the development of the Norwegian Oil Fund. However, the chapter concludes that Norway’s continued reliance on oil and gas makes it hard to say whether the country has truly avoided the resource curse.