Written by the Fiveable Content Team • Last updated September 2025
Verified for the 2026 exam
Verified for the 2026 exam•Written by the Fiveable Content Team • Last updated September 2025
Definition
A state-controlled oil company refers to an oil-producing company that is owned and operated by the government of a country. These companies play a significant role in controlling and managing a nation's oil resources.
The process through which private assets or industries are brought under government ownership or control.
Resource curse: Also known as the 'paradox of plenty,' it describes situations where countries with abundant natural resources face challenges such as corruption and economic instability.
Petrostate: A term used to describe countries whose economies heavily rely on revenue generated from petroleum exports.