Lubricating Prosperity: The Role of Oil in Shaping Modern Economies
Keywords:
Oil, Economy, Resource Curse, Economic Development, SPSS Analysis, Correlation, RegressionAbstract
This study explores the crucial role that oil has played in forming contemporary economies, tracing its historical background and highlighting its current global significance. Analysis of how oil resources affect economic prosperity is the main objective of gaining a more in-depth understanding of this complex relationship. The literature review examines earlier studies on resource abundance, the curse, and economic growth. It highlights the need for the current study to fill these gaps and advance our knowledge of the subject by pointing out where the existing literature could be improved. The methodology section describes the data collection procedure using secondary quantitative data sources like the World Bank and the International Energy Agency databases. It describes data analysis using SPSS and details various tests, including t-tests, t-correlations, regressions, and independent samples tests. The results of the data analysis are presented in this section, demonstrating correlations between economic prosperity and oil-related variables. The regression analysis sheds light on the accuracy of oil-related predictors. T-tests look into how different groups' levels of economic prosperity. The main findings are summed up in the conclusion, which emphasizes how complex the connection between oil and economic growth is. It emphasizes the significance of diversification and efficient policies in reducing economic vulnerabilities to changes in the oil market.
Downloads
References
Soeder, Daniel J. "The successful development of gas and oil resources from shales in North America." Journal of Petroleum Science and Engineering 163 (2018): 399-420.
Anstey, Vera. "The economic development of India." In Women’s Economic Writing in the Nineteenth Century, pp. 84-92. Routledge, 2023.
Ross, Michael L. "The politics of the resource curse." The Oxford handbook of the politics of development (2018): 200.
Bhattacharyya, Subhes C. Energy economics: concepts, issues, markets and governance. Springer Nature, 2019.
Antony, Alexander K., and William R. Thompson. "Petroleum, Petrostates and Interstate Conflict: How Strong Are Some of the Relationships?." In Turmoil and Order in Regional International Politics, pp. 119-140. Singapore: Springer Nature Singapore, 2023.
Charfeddine, Lanouar, and Karim Barkat. "Short-and long-run asymmetric effect of oil prices and oil and gas revenues on the real GDP and economic diversification in oil-dependent economy." Energy Economics 86 (2020): 104680.
Caldara, Dario, Michele Cavallo, and Matteo Iacoviello. "Oil price elasticities and oil price fluctuations." Journal of Monetary Economics 103 (2019): 1-20.
Charfeddine, Lanouar, and Karim Barkat. "Short-and long-run asymmetric effect of oil prices and oil and gas revenues on the real GDP and economic diversification in oil-dependent economy." Energy Economics 86 (2020): 104680.
Espadas-Aldana, Gabriela, Claire Vialle, Jean-Pierre Belaud, Carlos Vaca-Garcia, and Caroline Sablayrolles. "Analysis and trends for Life Cycle Assessment of olive oil production." Sustainable Production and Consumption 19 (2019): 216-230.
Shahbaz, Muhammad, Muhammad Naeem, Muhammad Ahad, and Iqbal Tahir. "Is natural resource abundance a stimulus for financial development in the USA?." Resources Policy 55 (2018): 223-232.
Van Eyden, Renee, Mamothoana Difeto, Rangan Gupta, and Mark E. Wohar. "Oil price volatility and economic growth: Evidence from advanced economies using more than a century’s data." Applied energy 233 (2019): 612-621.
Inês, Campos, Pontes Luz Guilherme, Marín-González Esther, Gährs Swantje, Hall Stephen, and Holstenkamp Lars. "Regulatory challenges and opportunities for collective renewable energy prosumers in the EU." Energy Policy 138 (2020): 111212.
Yang, Tianle, Fangxing Zhou, Min Du, Qunyang Du, and Shirong Zhou. "Fluctuation in the global oil market, stock market volatility, and economic policy uncertainty: A study of the US and China." The quarterly review of economics and finance (2021).
Mania, Elodie, and Arsène Rieber. "Product export diversification and sustainable economic growth in developing countries." Structural change and economic dynamics 51 (2019): 138-151.
Suleman, Shafic, and Godfred Kwaku Ennin. "An empirical review of petroleum revenue management and distribution after a decade of oil production and export in Ghana." The Extractive Industries and Society 13 (2023): 101228.
Shinkevich, Alexey I. "Modelling of energy efficiency factors of petrochemical industry." International Journal of Energy Economics and Policy (2020).
Basher, Syed Abul, Alfred A. Haug, and Perry Sadorsky. "The impact of oil-market shocks on stock returns in major oil-exporting countries." Journal of International Money and Finance 86 (2018): 264-280.
Bricout, Aymeric, Raphael Slade, Iain Staffell, and Krista Halttunen. "From the geopolitics of oil and gas to the geopolitics of the energy transition: Is there a role for European supermajors?." Energy Research & Social Science 88 (2022): 102634.
Mbah, Ruth Endam, and Divine Forcha Wasum. "Russian-Ukraine 2022 War: A review of the economic impact of Russian-Ukraine crisis on the USA, UK, Canada, and Europe." Advances in Social Sciences Research Journal 9, no. 3 (2022): 144-153.
Manley, David, and Patrick RP Heller. "National Oil Companies in the Energy Transition." Natural Resource Governance Institute (2021).
