Oil boom
Large inflow of income from high production or prices of oil
An oil boom is a period of large inflow of income as a result of high global oil prices or large oil production in an economy. Generally, this short period initially brings economic benefits, in terms of increased GDP growth, but might later lead to a resource curse.
History
Some important oil booms around the world include:
- Mexican oil boom (Mexico, 1977–1981)
- Pennsylvanian oil rush (United States, 1859)
- Texas oil boom (United States, early 1900s–1940s)
- Calgary oil boom (Canada, 1947)
- North Dakota oil boom (United States, 2008–2015)
Consequences
According to the Dutch disease theory, the sudden discovery of oil may cause a decline in the manufacturing sector. The consequences will vary from country to country, depending on the country's economic structure and stage of development.[1] For example, after the oil boom in Gabon, the country showed symptoms of the Dutch disease,[2] while oil-producing Equatorial Guinea didn't.[1]
See also
- Energy crisis
- 1970s energy crisis
- 1973 energy crisis
- 1979 energy crisis
- 1980s oil glut
References
- ^ a b Toto Same, Achille (2008). Mineral-rich countries and Dutch disease: Understanding the macroeconomic implications of windfalls and the development prospects the case of Equatorial Guinea. World Bank Publications. p. 31.
- ^ Zafar, Ali (2004). What happens when a country does not adjust to terms of trade shocks?: the case of oil-rich Gabon. World Bank Publications. p. 9. ISBN 978-1-00-716495-7.
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(1000–1760)
- Tulip mania (1634–1637)
- Mississippi bubble (1684–1720)
- Brazilian Gold Rush (c. 1690–c. 1900)
- South Sea bubble (1711–1720)
- Bengal Bubble of 1769 (1757–1769)
(1760–1840)
- Canal Mania (c. 1790–c. 1810)
- Carolina gold rush (1802–1825)
- 1810s Alabama real estate bubble
- Georgia Gold Rush (1828–c. 1840)
- 1830s Chicago real estate bubble
- Chilean silver rush (1830–1850)
- Railway Mania (c. 1840–c. 1850)
- California gold rush (1848–1855)
- Queen Charlottes Gold Rush (1851)
- Victorian gold rush (1851–c. 1870)
- New South Wales gold rush (1851–1880)
- Australian gold rushes (1851–1914)
- Fraser Canyon Gold Rush (1858)
- Pike's Peak gold rush (1858–1861)
- Rock Creek Gold Rush (1859)
- Pennsylvania oil rush (1859–1891)
- Similkameen Gold Rush (1860)
- Stikine Gold Rush (1861)
- Colorado River mining boom (1861–1864)
- Otago Gold Rush (1861–1864)
- Cariboo Gold Rush (1861–1867)
- First Nova Scotia Gold Rush (1861–1874)
- Wild Horse Creek Gold Rush (1864–1865)
- Leechtown Gold Rush (1864–1865)
- West Coast Gold Rush (1864–1867)
- Big Bend Gold Rush (c. 1865)
- Vermilion Lake gold rush (1865–1867)
- Kildonan Gold Rush (1869)
- Omineca Gold Rush (1869)
(1870–1914)
- 1870s Lapland gold rush
- Coromandel Gold Rushes (c. 1870–c. 1890)
- Cassiar Gold Rush (c. 1870–c. 1890)
- Black Hills gold rush (1874–1880)
- Colorado Silver Boom (1879–1893)
- Western Australian gold rushes (c. 1880–c. 1900)
- Indiana gas boom (c. 1880–1903)
- Ohio oil rush (c. 1880–c. 1930)
- Tierra del Fuego gold rush (1883–1906)
- Cayoosh Gold Rush (1884)
- Witwatersrand Gold Rush (1886)
- Encilhamento (1886–1890)
- Cripple Creek Gold Rush (c. 1890–c. 1910)
- Klondike Gold Rush (1896–1899)
- Second Nova Scotia Gold Rush (1896–1903)
- Kobuk River Stampede (1897–1899)
- Mount Baker gold rush (1897–c. 1925)
- Nome Gold Rush (1899–1909)
- Fairbanks Gold Rush (c. 1900–1918)
- Texas oil boom (1901–1918)
- Cobalt silver rush (1903–1918)
- Porcupine Gold Rush (1909–1918)
(1918–1939)
- 1920s Florida land boom (c. 1920–1925)
- Fairbanks Gold Rush (1918–c. 1930)
- Texas oil boom (1918–1945)
- Cobalt silver rush (1918–c. 1930)
- Porcupine Gold Rush (1918–1945)
- 1930s Kakamega gold rush
- Third Nova Scotia Gold Rush (1932–1942)
(1945–1973)
- Texas oil boom (1945–c. 1950)
- Porcupine Gold Rush (1945–c. 1960)
- Poseidon bubble (1969–1970)
(1973–1982)
- 1970s commodities boom
- Mexican oil boom (1977–1981)
- Silver Thursday (1980)
- New Zealand property bubble (c. 1980–1982)
Great Regression
(1982–2007)
- 1980s oil glut
- New Zealand property bubble (1982–)
- Spanish property bubble (1985–2008)
- Japanese asset price bubble (1986–1990)
- Dot-com bubble (1995–2000)
- Baltic states housing bubble (2000–2006)
- Irish property bubble (c. 2000–2007)
- 2000s commodities boom (2000–2008)
- 2000s Danish property bubble (2001–2006)
- United States housing bubble (2002–2006)
- Romanian property bubble (2002–2007)
- Polish property bubble (2002–2008)
- Canadian property bubble (2002–)
- Chinese property bubble (2005–11)
- Lebanese housing bubble (2005–2008)
- North Dakota oil boom (2006–2008)
- Chinese stock bubble of 2007
- Uranium bubble of 2007
(2007–present)
- North Dakota oil boom (2008–2012)
- 2000s commodities boom (2008–2014)
- Lebanese housing bubble (2008–)
- Corporate debt bubble (2008–)
- Australian property bubble (2010–)
- Cryptocurrency bubble (2011–)
- Everything bubble (2020–21)
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