Word: oil-rich
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...planned to set up an "oil fund" to invest revenues in developing the country's education, health-care and basic infrastructure. Mills went further, calling for the formation of an "independent authority which will account for the oil resource." "We don't want it to be a curse," he said. That curse, or resource curse, as economists call it, describes a tendency for countries with abundant natural resources to be more corrupt, more prone to violence and unrest, and more iniquitous and impoverished than those without, something evident across the oil-rich states of West Africa. While corruption thrives...
...lives became intertwined in June 2005 after Jackson was cleared of charges that he molested a 13-year-old boy in California. That trial left Jackson, once one of the world's wealthiest entertainers, in financial tatters. Al Khalifa offered Jackson refuge in his oil-rich Gulf state and, the sheik's lawyer said, footed Jackson's $2.2 million legal bill...
Ontario, the industrial heartland of Canada and the home of Detroit North [its Detroit-allied auto industry], used to be considered the nation's growth engine. Now, it's become a have-not province eligible for federal transfer payments - money in part underwritten by oil-rich Newfoundland. It's an irony not lost on most Canadians, since Newfoundland has carried the mantle of neediness since joining confederation 59 years...
...Falling worldwide demand, especially in emerging markets, is the reason that the oil market made road kill of OPEC's production cut. Oil dropped yet again to $64 a barrel - its lowest level in more than a year. For months leaders of oil-rich countries have watched nervously as world oil prices have tumbled more than 50% from the all-time high in July of $147 a barrel...
...ocean north of their island was the current that carries homemade rafts to Florida. That all changed a few years ago when geologists estimated that between 5 billion bbl. and 10 billion bbl. of oil lie beneath the waters off Cuba's northwest coast. Suddenly it seemed as though the hemisphere's sole communist nation might finally end its desperate dependence on oil-rich allies like the former Soviet Union and Venezuela - and perhaps even escape its impoverished economic time warp altogether...