United States | Oil rents (% of GDP)
Oil rents are the difference between the value of crude oil production at regional prices and total costs of production. Development relevance: Accounting for the contribution of natural resources to economic output is important in building an analytical framework for sustainable development. In some countries earnings from natural resources, especially from fossil fuels and minerals, account for a sizable share of GDP, and much of these earnings come in the form of economic rents - revenues above the cost of extracting the resources. Natural resources give rise to economic rents because they are not produced. For produced goods and services competitive forces expand supply until economic profits are driven to zero, but natural resources in fixed supply often command returns well in excess of their cost of production. Rents from nonrenewable resources - fossil fuels and minerals - as well as rents from overharvesting of forests indicate the liquidation of a country's capital stock. When countries use such rents to support current consumption rather than to invest in new capital to replace what is being used up, they are, in effect, borrowing against their future. Statistical concept and methodology: The estimates of natural resources rents are calculated as the difference between the price of a commodity and the average cost of producing it. This is done by estimating the price of units of specific commodities and subtracting estimates of average unit costs of extraction or harvesting costs. These unit rents are then multiplied by the physical quantities countries extract or harvest to determine the rents for each commodity as a share of gross domestic product (GDP).
Publisher
The World Bank
Origin
United States of America
Records
63
Source
United States | Oil rents (% of GDP)
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
0.27998937 1970
0.33381878 1971
0.36363899 1972
0.34994201 1973
1.57098999 1974
1.46934177 1975
1.45988735 1976
1.48212564 1977
1.41341674 1978
2.51516039 1979
3.14542283 1980
2.11596334 1981
1.29086632 1982
1.54215958 1983
1.2802834 1984
1.20811028 1985
0.4855608 1986
0.69023883 1987
0.43120363 1988
0.53963387 1989
0.70323701 1990
0.47725878 1991
0.44187309 1992
0.34805438 1993
0.29200323 1994
0.29555654 1995
0.35131164 1996
0.20360405 1997
0.07555851 1998
0.16426452 1999
0.30755128 2000
0.16943296 2001
0.17281709 2002
0.21178853 2003
0.28317063 2004
0.35082319 2005
0.34946427 2006
0.3568975 2007
0.5214989 2008
0.2596404 2009
0.2937627 2010
0.37084524 2011
0.20592585 2012
0.30565008 2013
0.29222657 2014
0.00752518 2015
0.0922955 2016
0.16252585 2017
0.31924761 2018
0.36854456 2019
0.18762511 2020
0.61148266 2021
2022
United States | Oil rents (% of GDP)
Oil rents are the difference between the value of crude oil production at regional prices and total costs of production. Development relevance: Accounting for the contribution of natural resources to economic output is important in building an analytical framework for sustainable development. In some countries earnings from natural resources, especially from fossil fuels and minerals, account for a sizable share of GDP, and much of these earnings come in the form of economic rents - revenues above the cost of extracting the resources. Natural resources give rise to economic rents because they are not produced. For produced goods and services competitive forces expand supply until economic profits are driven to zero, but natural resources in fixed supply often command returns well in excess of their cost of production. Rents from nonrenewable resources - fossil fuels and minerals - as well as rents from overharvesting of forests indicate the liquidation of a country's capital stock. When countries use such rents to support current consumption rather than to invest in new capital to replace what is being used up, they are, in effect, borrowing against their future. Statistical concept and methodology: The estimates of natural resources rents are calculated as the difference between the price of a commodity and the average cost of producing it. This is done by estimating the price of units of specific commodities and subtracting estimates of average unit costs of extraction or harvesting costs. These unit rents are then multiplied by the physical quantities countries extract or harvest to determine the rents for each commodity as a share of gross domestic product (GDP).
Publisher
The World Bank
Origin
United States of America
Records
63
Source