The United Kingdom has finally established an oil-backed investment fund, decades after neighboring Norway began transforming its North Sea petroleum revenues into one of the world's largest sovereign wealth funds. The British government's new £2 billion Energy Wealth Fund, announced Wednesday alongside approval of the Jackdaw gas field, will channel North Sea oil and gas tax revenues into renewable energy and low-carbon infrastructure. But the announcement has revived an uncomfortable question: What if Britain had started saving its oil…

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