upepo
Elder Lister
Oil trade is the most effective channel used to transfer wealth from the poor to the developed world. For some oil producers, the cost of extracting a barrel of oil could be as low as 10 dollars. When the same barrel is sold at 100 dollars, the profit ends up in the West one way or the other.
Worse still is the reality that poor countries are forced to tax oil products heavily, denying their populations the benefits of oil. Yet the abundance in the developed world is borne out of the availability of cheap oil for their populations. Poor countries should do everything to escape this trap.
Worse still is the reality that poor countries are forced to tax oil products heavily, denying their populations the benefits of oil. Yet the abundance in the developed world is borne out of the availability of cheap oil for their populations. Poor countries should do everything to escape this trap.
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