This paper is concerned with the role of oil and gas in the development of the global economy. Its focus is on the context in which oil and gas producers in both established and developing countries must frame their policies in order to optimize the benefits of producing such resources. It...

In the context of falls in extractive commodities prices since 2011, this paper examines the history of thinking about the interplay between extractives and economic development. Just as 'the resource curse' fails as a generic explanation on account of the huge diversity in country contexts, so...

Common sense and economic theory suggest large revenues from natural resource projects should generate economic progress and development. Yet much evidence argues the opposite and that resource-rich countries suffer from 'resource curse'. This paper provides a survey of the academic literature...

Oil remains a key source of energy, and oil markets matter. Recently, there has been a revival in the debate over whether oil should attract policy attention. This paper examines what elements in oil may attract concern and policy intervention. A particular focus is the recent debate between the...

A phenomenon known as the "resource curse" has plagued a number of natural resource exporting countries. A country is described as "cursed" when it experiences economic stagnation or a decline in economic growth. A number of explanations including misuse of natural resource wealth have been...