Oil dependency can be detrimental to economies from "summary" of Oil by Sucha Singh Khera
Relying heavily on oil can have negative consequences for economies. When a country becomes overly dependent on oil, it becomes vulnerable to fluctuations in oil prices. This can lead to economic instability and uncertainty, as the country's budget and revenue are heavily reliant on oil exports. Moreover, oil dependency can hinder the development of other sectors of the economy. When a country focuses too much on the oil industry, it may neglect investing in other industries that could diversify its economy and create more stable sources of revenue. This lack of diversification can make the economy more susceptible to external shocks and economic downturns. Additionally...
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