Oil has fallen to it’s lowest price since May 2009. Many countries, especially in Africa and the Middle East, rely almost solely on oil revenue - For Algeria, oil revenue makes up 97 percent of hard currency earnings, and the government has done little to diversify the economy. This heavy reliance on oil and gas is dangerous. While Algeria has done well to subsidize basics such as electricity, food, education, and housing, all of these things are provided and supported with money brought in from oil and gas. “Algerians will not find anything to eat if the price of oil continues to fall,” stated independent lawmaker Habib Zegad. Read more on Algeria’s monoculture economy here.
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