Well run like companies have enough capital to make

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Unformatted text preview: be >40% of economy Government has to decide how much to drill Have to invest in future (sovereign wealth fund ! beginning of this) WTO: reduce market barriers, ease the flow of goods in international trade OPEC and WTO have conflicting interests. But 9 out of 13 members of OPEC are WTO members. How??? ! GATT Article XXg: if you have a depletable resource as part of your sovereign wealth, it’s a political decision as to how fast to sell it. Why are oil and gas different than other goods? B/c they are non- renewable, weird petrostate pathologies, what the world wants is not necessarily what’s best for your country. National oil companies ¾ of largest oil companies are state- owned, 80% of world oil companies are managed by governments state companies differ substantially cost to produce oil varies by country national needs vary access to capital varies Types of national oil companies Parastatal Run like a company, just happens to be...
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