Egypt and oil


in Bombs and rockets, Economics, Politics, The environment

FiveThirtyEight has some interesting analysis posted on Egypt, Tunisia, and (lack of) oil supplies:

Egypt does have some oil: it produces about 600,000 barrels a day, with a retail value of about $18 billion annually. Still, because of Egypt’s large population, this would translate to only about $220 per capita. And most of Egypt’s oil stays in its domestic market: it exports only 89,000 barrels a day, which would produce $2.6 billion a year at a price of $80 per barrel, or just $32 per person. This is much less than the aggregate figure for the Middle East, which is $1,605 per person.

All told, countries are probably better off when they don’t have oil. Most of the ones that have it are at least partly corrupted because of it, and even the ones who avoid that get hooked on oil revenues despite the better angels of their environmental consciousness.

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. February 3, 2011 at 10:03 pm

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