Originally Posted by Nords
It's easy to LBYM when the territorial waters are full of oil.
Of the top 12 petroleum exporting countries, Norway is the only one with a high standard of living for most residents. It is also the only example of a petroleum producer / exporter in the world that actually saves it's petro-wealth and has a sustainable non-petroleum economy. Compare with Venezuela, which has greater petroleum reserves and a much lower cost of production, and probably larger and more diversified non-petroleum resources.
Large petroleum reserves have proven to be an economic misfortune for most...
Top 12 petroleum exporting countries in order or production (2006 data)