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An oil boom is a period of large inflow revenue as a result of high global oil prices or large oil production in an economy. Generally, this brief period initially brings economic benefits, in terms of increasing GDP growth, but may later lead to a resource curse.
Video Oil boom
Consequences
According to Dutch disease theory, the sudden discovery of oil can cause a decline in the manufacturing sector. The consequences will vary from country to country, depending on the country's economic structure and its developmental stage. For example, after the oil explosion in Gabon, the country showed symptoms of Dutch disease, while the oil producing Equatorial Guinea was not.
Maps Oil boom
History
Some important oil booms around the world include:
- Mexican oil boom (Mexico, 1977-1981)
- Crowylvanian oil rush (United States, 1859)
- Texas oil boom (USA, early 1900s 1940s)
- Calgary oil boom (Canada, 1947)
- North Dakota oil boom (United States, 2008-2015)
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See also
- Energy crisis
- 1970s energy crisis
- 1973 energy crisis
- the 1979 energy crisis
- The oiliness of the 1980s
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References
Source of the article : Wikipedia
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