The Real Price of Oil

Those who think that oil is too expensive in America should think of the price producing countries are paying for such a cursed resource. On that topic, the New York Times has an excellent article today:

"The harms suffered by these countries (and many others) are symptoms of
what is known as the resource curse. Though it seems counterintuitive -
countries with a lot of oil are lucky and rich, right? - a succession of
studies, the most notable of which was conducted by the economists Jeffrey Sachs and Andrew Warner, show that countries dependent on natural-resource exports
experience lower growth rates than countries that have nonresource economies,
and they suffer greater amounts of repression and conflict too" (The Price of Oil, Peter Maas, 18 December 2005)