The Benefits of Having Large Reservoirs of Petroleum

• Author: Viorel Pop
• Position: Vasile Goldis Western University of Arad
• Pages: 119-126

Law, Society & Organisations

Volume II, Issue 3 (2 / 2017)

119

Viorel POP

Vasile Goldiş Western University of Arad

THE BENEFITS OF HAVING LARGE

RESERVOIRS OF PETROLEUM

K

eywords

Petroleum,

Energy,

Economy,

Competitiveness,

Trade balance

Abstract

Oil is the most important resource for global energy production, far exceeding the role of coal and natural

gas, the role of river energy and wind energy, and also the role of nuclear fuel. All highly industrialized

countries are making great efforts to ensure the energy needs of the functioning of economies under the

conditions of fierce global competition. None of the world's first 10-12 economies can give up on oil imports,

and the exporting countries benefit from large financial resources from oil. Saudi Arabia, Qatar, United

Arab Emirates, Venezuela, Russia and other oil-rich countries secure themselves significant foreign revenue

for their economic development, defense and overall well-being.

JEL Classification: A20, D63, E24, J21, J71, M53

(Goudy Old Style 12p)

(Goudy Old Style 12p)