oil economy
Fossil fuel reliance
An oil economy is a national economy heavily dependent on petroleum extraction and export for government revenue and GDP.
Countries like Saudi Arabia, Venezuela, and Nigeria are oil economies, vulnerable to price fluctuations and the "resource curse"—the paradox that natural resource wealth often correlates with slower economic development and political instability.
- petroleumNatural underground hydrocarbon liquid
- crudeUnpolished, raw state
- OPECPetroleum exporters' coalition
- barrelHooped cylindrical vessel
- refineryIndustrial purification facility
gasoline · drilling · drilling rights · pipeline · reserves · embargo · exports · tanker · shale · fracking · boom · bust · resource curse · cartel · Saudi · offshore · rig · prices
- Middle EastIraq, Baghdad, Cairo, Iran, Jordan
- OmanMuscat, frankincense, dhow, Gulf of Oman, rial
- IranIran, Tehran, Isfahan, Persia, Shiraz
- Soviet economicsfive-year plan, collectivization, collective farms, state ownership, perestroika
oil economyknowledge economy
System valuing expertise over manufacturing
mixed economy · information economy · service economy · digital economy · creative economy
oil, economy, oils, oiled, oiling, oily, oiliness, economic, economics