Petrostate

A petrostate is a nation whose economy is heavily dependent on the extraction and export of oil or natural gas. The presence alone of large oil and gas industries does not define a petrostate, as countries like Norway, Canada, and the United States are major oil producers, but also have diversified economies. Petrostates also have highly concentrated political and economic power, resting in the hands of an elite, as well as unaccountable political institutions which are susceptible to corruption.


A petrostate is a nation whose economy is heavily dependent on the extraction and export of oil or natural gas. The presence alone of large oil and gas industries does not define a petrostate, as countries like Norway, Canada, and the United States are major oil producers, but also have diversified economies. Petrostates also have highly concentrated political and economic power, resting in the hands of an elite, as well as unaccountable political institutions which are susceptible to corruption.
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