4 ms·
It's nice to live on top of an ocean of oil to cover the deficits.
by WalterBright 5mo ago
It's nice to live on top of an ocean of oil to cover the deficits.
- srean 5mo agoIndeed. It has rarely (if at all) worked out for any other country though. One or the other super power will make sure that does not happen. US scuttling Iran's nationalisation of their oil being one example. Even without geopolitical meddling, landfall discoveries of wealth at national scale has been frightfully difficult to manage well or to realize the value of. Your currency strengthens, your other industries lose out the on the price war, your economy gets skewed and sensitive to the health of one sector. In general it has been a curse than a boon. Norway has so far pulled this of phenomenally well.