The Coming Fall of Resource Nationalism

"It seems as if the world has not learnt that the oil industry, much like every other sector of the economy, goes through periodic busts and booms, even though it has been happening since the dawn of the oil industry. John D. Rockefeller’s Standard Oil, the spiritual ancestor of OPEC, was created to combat these market bumps. The current fall in oil price, which may have been precipitated more by fear of a sustained global economic crisis, rather than the actual market fundamentals, shows the fragility of the current global economic order."

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