The Power Of Petroleum
The windfalls have some important upsides for oil-producing nations and the world at large. Saudi Arabia’s oil revenues have surged from $60 billion in 2000 to an estimated $152 billion in 2007. Its budget has moved from deficits to a large surplus. Russia, effectively bankrupt in 1998, has used its vast oil and gas revenues to eliminate most foreign debt and build $434 billion in reserves. Both countries are diversifying beyond energy....