Financial Economics

Black Gold, Blood of an economy, etc. These are a few phrases given to the oil. Oil is one of the most fundamental parts of any economy. It has driven economies for ages and been at the heart of every economic activity in the world. Countries have fought many wars to influence the oil industry. Oil has helped some small and weak states to develop into one of the world’s wealthiest nations. Oil also has created a crisis in the world’s biggest economy and compelled it to revise its foreign policies. This industry has created the world’s biggest company and one of the biggest empires. In the past decade, oil has given immense power to nations to manipulate things as they will. If a state possesses an oil reservoir, it has thrived and archived the unthinkable growth in a few decades, but possessing an oil reserve doesn’t mean a nation will prosper. Many nations have fallen after having a mammoth amount of oil reservoirs. The nations have to use these reserves statistically. To...

This is one of the most trending topics in the world, the country like Venezuela who said to have most significant oil resources in the world have this condition, and you already know the importance of oil in the economy, so why? A country like this is going through hyperinflation we are going to discuss this. So before we start let’s see what hyperinflation is.                                                                                       According to Oxford Dictionaries                              ...