Home Petro Countries on the Brink of Collapse as Oil Prices Remain at Ruinously Low Levels
 

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Petro Countries on the Brink of Collapse as Oil Prices Remain at Ruinously Low Levels

2016-05-27 13:10:00| Climate Ark Climate Change & Global Warming Newsfeed

Alternet: Pity the poor petro-states. Once so wealthy from oil sales that they could finance wars, mega-projects, and domestic social peace simultaneously, some of them are now beset by internal strife or are on the brink of collapse as oil prices remain at ruinously low levels. Unlike other countries, which largely finance their governments through taxation, petro-states rely on their oil and natural gas revenues. Russia, for example, obtains about 50% of government income that way; Nigeria, 60%; and Saudi...

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