Oil & Water? - No!, It's Oil And Governments That Don't Mix

This from Johan Norberg -

In Dagens Industri today I continue to write on oil, today about how oil controlled by governments create authoritarianism, corruption and poverty. (See also Tom Friedman´s first law of petropolitics)

Let´s not forget that most OPEC-countries didn´t nationalise their oil until the early 1970s. Between 1950 and 1973 these countries got more than 4 percent richer every year, 1973-2003 they got almost 1 percent poorer every year.
Link Here>>

HT: Pajamas Media