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“I can see the drop in oil prices continuing in finitum, particularly when one considers the US now producing its own gas and oil in large commercial quantity through hydraulic fracturing – “fracking”. The US, and in the neatest future, Europe would not be depending on oil coming from the middle east, Africa, Russia and so many other countries in the world.
As a matter of fact, the US would also be exporting its own gas and oil, using the latest oil technology available to her. Besides, there are so many other energy alternatives available to the Europe and America.
Now the big question is what is going to happen to all the countries whose economies, export earnings and foreign exchange largely depend on oil?? My considered opinion is that so many of these countries whose economies are reliant on oil would be crashing so badly, if such countries have not invested itheir oil revenues in other diversified money yielding projects and programmes over the years.
Countries like Norway, Kuwait and the United Arab Emirate have been investing large chunks of of their oil revenue into prime commercial properties all over the world, world renowned banks and insurance companies, high flying international industries and in essential infrastructures within their respective countries over a period of so many years.
Some years ago, I read somewhere that Norway has been investing between 25% to 40% of its oil revenue in so many international income yielding portfolios all over the world every year for at least 40 years, and that it only relies on less than 10% of its GDP from oil revenue. Norway has the highest standard of living in the world. Lets compare Norway’s success story to Nigeria, the 6th or 7th largest oil producer in the world. Where Norway has been assiduously and wisely investing its oil revenue for the future, Nigeria and its political and business elites have been stealing and squandering the country’s oil wealth as if there is no tomorrow. Nigeria will certainly be repenting in misery, and not at leisure for wasting the black gold it had ample opportunities to use wisely!!”
(Politics and Oil Economics)
Prince Dayo Fadina.
