Impact of High Income from “Dictator Petrol“ 2022 on the Economy of the Republic of Iraq

Authors:

Pages: 13-18

Abstract:

According to the late Prof. Alexander Fall, “It all began in Mesopotamia, the cradle of human civilization.” Oil occupies a strategic place in the resource structure of the world economy. The beginning of the modern oil industry is considered to be 1859, when the American settler, oil explorer and entrepreneur E. L. Drake drilled a well for oil production in the state of Pennsylvania (USA). In the modern world, it is almost impossible to imagine an economy without oil. Already during the First World War, Henri Bérange, the chief commissioner for supplying France with oil, wrote: “He who controls oil will control the world.” The purpose of this study is to reveal the role of oil revenues in stimulating economic growth and in raising the standard of living of the population in the Republic of Iraq by outlining the main guidelines for overcoming the crisis in the country and by carrying out successful structural changes and solving the complex political and economic problems.

Keywords:

Iraq; petrol; political and economic problems.

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