The competence stayed (even though most of the jobs were of course cut) and today the industry has grown into a high tech knowledge-intensive extremely specialised business, supplying lots of highpaying high value-added jobs, and huge export revenue.
The Swedish state did this by itself (IIRC) but other times it has been helped out by the local patriotic capitalist dynasty, the Wallenberg family, who are about as far as you can come from "faceless fund capitalism". Peak oil is not an energy crisis. It is a liquid fuel crisis.
