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THE BENEFITS OF HAVING LARGE RESERVOIRS OF PETROLEUM

Viorel Pop
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Viorel Pop: Vasile Goldiş Western University of Arad

Law, Society & Organisations, 2017, issue 3 (2/2017), 119-126

Abstract: Oil is the most important resource for global energy production, far exceeding the role of coal and natural gas, the role of river energy and wind energy, and also the role of nuclear fuel. All highly industrialized countries are making great efforts to ensure the energy needs of the functioning of economies under the conditions of fierce global competition. None of the world's first 10-12 economies can give up on oil imports, and the exporting countries benefit from large financial resources from oil. Saudi Arabia, Qatar, United Arab Emirates, Venezuela, Russia and other oil-rich countries secure themselves significant foreign revenue for their economic development, defense and overall well-being.

Keywords: Petroleum; Energy; Economy; Competitiveness; Trade balance (search for similar items in EconPapers)
JEL-codes: A20 D63 E24 J21 J71 M53 (search for similar items in EconPapers)
Date: 2017
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