Sadly, even when abundant oil reserves exist within a nation, there is no assurance prosperity will arrive. Nigeria, for example. It has huge reserves of oil. It should be the Norway of Africa. But it remains an impoverished nation where half the population is still waiting for electricity and indoor plumbing.
On the other end of the resource spectrum is Japan. It has no oil, gas or coal. But it is astonishingly prosperous. Why? Functional government.
It takes democracy, capitalism and access to low-cost abundant energy to lift a nation out of poverty and turn it into an advancing prosperous society.
Sadly, even when abundant oil reserves exist within a nation, there is no assurance prosperity will arrive. Nigeria, for example. It has huge reserves of oil. It should be the Norway of Africa. But it remains an impoverished nation where half the population is still waiting for electricity and indoor plumbing.
On the other end of the resource spectrum is Japan. It has no oil, gas or coal. But it is astonishingly prosperous. Why? Functional government.
It takes democracy, capitalism and access to low-cost abundant energy to lift a nation out of poverty and turn it into an advancing prosperous society.