Worldwide, the overvaluation of mineral rights is a major cause of
destruction. Whether capitalist, socialist or some mixture, economies
undervalue land until forced to do otherwise. Slow down! There is no hurry
to get that oil. Your oil can be a blessing for generations, if you
develop it leisurely for yourselves. If you develop it hastily and for
export, you will learn about the "oil curse", which is really a curse of
having too much of your economy turning on oil export money. A small
amount of export money can be good for you. Too much employs your people
away from production for local consumption, and thus makes you increasingly
dependent on imports in a vicious circle. And then, oil will run out,
cursing you again as it disappears. And the world needs to not have that
oil. Make the developed world kick its oil addiction.
Worldwide, the overvaluation of mineral rights is a major cause of destruction. Whether capitalist, socialist or some mixture, economies undervalue land until forced to do otherwise. Slow down! There is no hurry to get that oil. Your oil can be a blessing for generations, if you develop it leisurely for yourselves. If you develop it hastily and for export, you will learn about the "oil curse", which is really a curse of having too much of your economy turning on oil export money. A small amount of export money can be good for you. Too much employs your people away from production for local consumption, and thus makes you increasingly dependent on imports in a vicious circle. And then, oil will run out, cursing you again as it disappears. And the world needs to not have that oil. Make the developed world kick its oil addiction.