Building a knowledge based economy using oil wealth is clearly possible.

The answer lies not in China s economy and oil demand, but in Middle East geopolitics and oil supply.

In a non oil economy, labor is the main engine of wealth.

High oil prices kept Russia's economy and common people's income growing rapidly.

Russia s economy is more dependent on gas and oil than ever before.

The oil and petrochemical sector account for 60 of Xinjiang's local economy.

Instability has the potential to keep oil prices high, benefiting the Iranian economy.

If Iraq's oil fields are destroyed or the war is prolonged, surging oil prices will hit Japan and the world economy hard.

But high oil prices threaten the health of the entire 45 trillion world economy.

Debts burden Russia's economy mightily, which will become heavier as oil export revenues fall.

In the short run, the American economy will continue to rely largely on oil.

This lack of investment has left the economy, particularly the oil industry, in a shambles.

Its economy has boomed thanks to oil and gas exports, not to healthy market developments.

Whoever wins will have added the equivalent of a Saudi oil field to their economy.

The global economy and the US economy, in particular is growing faster than expected, and world oil prices are above 100 per barrel.

Before we used to just budget on whatever oil we bring in, because oil is the biggest, most revenue earning sector in the economy 70 percent of our revenues come from oil.

And because oil constitutes more than 90 of the country's exports, oil income is all that Nigerians have to live on in the world economy.

One might think that a country that owns foreign oil can use the profits from sales to insulate its economy from high world oil prices.

Oil, it seems, will not only transform Brazil s economy, but its very role in the world.

After the oil price hikes of 1974 and 1980, Japan s economy recovered through export led growth.

The US economy has been taken over by billionaires, the oil industry, and other key sectors.

BRUSSELS In today's global economy, there is no price as important as that of crude oil.

The effect the price of oil has on an economy is known as a price shock.

The last thing that a fragile global economy needs now is another round of peak oil prices.

Russia will have to confront the impact of a collapse in oil prices on its petro economy.

Later, higher world oil prices provided a further boost to the economy, generating funds for investment and expansion.

Falling oil prices and Western sanctions over Ukraine have contributed to a recent downturn in the Russian economy.

In this eight year period, 1977 to 85, when we last paid attention, the economy grew 27 percent, oil use fell 17 percent, oil imports fell 50 percent, oil imports from the Persian Gulf fell 87 percent.

But in a rentier economy, huge revenues from oil or external financial transfers actually create a disincentive to work.

The ossified, corrupt, inefficient economy built in the fat years of the oil boom may be impossible to save.

But in most developing countries, such a policy is viewed as using oil money to help someone else's economy.

The last thing the world economy needs is a 200 barrel of oil, but this could be the result.

Consequently, for the time being the US economy has been able to pay the oil tax imposed by speculators.

Oil. Oil. This was a big topic.

Japan's dependence on imported Middle Eastern oil also demands that we understand what a war against Iraq might mean. If Iraq's oil fields are destroyed or the war is prolonged, surging oil prices will hit Japan and the world economy hard.

Even if America were 100 independent of Middle East oil, a reduction in supply of Middle East oil could have devastating effects on the world price and on the American economy.

WASHINGTON, DC Over the past eighteen months, oil prices have more than doubled, inflicting huge costs on the global economy.

The Saudis suspect that rising oil prices will revive Iraq s economy, and that of Iran, thus boosting their regional clout.

According to his assessment, Russia's economy will begin to contract at an oil price lower than 90 dollars per barrel.

This will please oil producers in other parts of the world, but will have enormously adverse consequences for the global economy, akin to those resulting from the oil price hikes in 1973.

When oil prices collapse, as they will at some point over the next few years, Venezuela s economy will collapse with them.

In this energizing talk, Amory Lovins lays out his simple plan for weaning the US off oil and revitalizing the economy.

The result is an average income per person (counting the oil plus the non oil economy) of around 300 per person per year, making Nigeria one of the poorest countries in the world.

The relative percentage of each varies from oil to oil, determining the properties of each oil.

Last year, oil at 145 a barrel was a tipping point for the global economy, as it created a major income shock for the US, Europe, Japan, China, India, and other oil importing economies. The global economy, barely rising from its knees, could not withstand the contractionary shock if similar speculative forces were to drive oil rapidly towards 100 a barrel.