Friday, May 27, 2016

Petrostate Dreams Turn to Nightmares

Twilight of the Petrostate from the National Interest
"About twenty countries around the world are dependent on a single number: the price of oil. Some, primarily Persian Gulf states, live entirely off their oil and gas wealth. They rely on crude oil, natural gas and petroleum products for 50 percent of their Gross Domestic Product and for 70-plus percent of their budget revenue. ... Oil-producing countries have been living a dream. ... An awakening from this dream is now inevitable."

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