Norway is Europe’s second-largest oil producer, and its energy boom has turned some fishing villages into affluent towns with living costs rivaling Zurich and Tokyo.

Thanks in part to the Norwegian economy’s heavy reliance on the oil industry, average manufacturing labor costs are about $57.50 an hour, 31 percent higher than in Germany and 65 percent higher than in the U.S., according to the U.S. Department of Labor. The oil companies pay top dollar for workers.

The dominance of oil is felt in the stock market. Of the 20 biggest listed companies, only one non-oil-related company.

Some Norwegians don’t see any cause for alarm. The third-richest nation per capita has a jobless rate below 3 percent and offers its citizens free health care and education. It has amassed a $640 billion sovereign wealth fund from its oil revenue. “We’re sitting on easy street” …

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