Publication Details
Abstract
This study explores the crucial role that oil has played in forming contemporary economies, tracing its historical background and highlighting its current global significance. Analysis of how oil resources affect economic prosperity is the main objective of gaining a more in-depth understanding of this complex relationship. The literature review examines earlier studies on resource abundance, the curse, and economic growth. It highlights the need for the current study to fill these gaps and advance our knowledge of the subject by pointing out where the existing literature could be improved. The methodology section describes the data collection procedure using secondary quantitative data sources like the World Bank and the International Energy Agency databases. It describes data analysis using SPSS and details various tests, including t-tests, t-correlations, regressions, and independent samples tests. The results of the data analysis are presented in this section, demonstrating correlations between economic prosperity and oil-related variables. The regression analysis sheds light on the accuracy of oil-related predictors. T-tests look into how different groups' levels of economic prosperity. The main findings are summed up in the conclusion, which emphasizes how complex the connection between oil and economic growth is. It emphasizes the significance of diversification and efficient policies in reducing economic vulnerabilities to changes in the oil market.