Many countries look at petroleum as the last hope for lifting them
out of poverty. If governed correctly, petroleum can indeed be a
powerful stimulus to productivity and welfare.
Unfortunately however, many petroleum producing countries,
particularly producers with revenue > 30% of GNP, are instead
ravaged by the OIL CURSE, or the GAS CURSE as the case may be.
Under the vicious grip of the OIL CURSE, petroleum producing
countries suffer from any or all of the following calamities:
The national economy becomes entirely dependent on oil.
Other sectors of the economy can not survive (THE DUTCH DISEASE).
Corruption suffocates productivity and destroys ethics.
Efficiency in petroleum extraction falls well below best practices.
Democratic practices in the country deteriorate and may completely disappear.
Worse still: the damages inflicted on society by the oil curse are
difficult to reverse or repair. It is therefore best to avoid them.
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