Home › Forums › If Crude Oil cease to exist, would the World Economy Collapse? › Reply To: If Crude Oil cease to exist, would the World Economy Collapse?
I agreed that Western World would not have problem but the third world Economy collapsing(good you used the word “may”). Revenue from Crude Oil Enables Laziness and corruption in many Nations blessed with Oil, Examples include Nigeria, Iraq, Libya etc, etc. I strongly think that if all Oil wells go dry, many of these Nations will wake up from their slumbers and explore alternative sources of Revenues and will be more accountable. Is it not insane to base your Budget on Oil? What percentage of Oil producing countries citizens benefit from the oil revenues? Your take?