United States | Total natural resources rents (% of GDP)

Total natural resources rents are the sum of oil rents, natural gas rents, coal rents (hard and soft), mineral rents, and forest rents. 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 | Total natural resources rents (% of GDP)
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970 0.65568149
1971 0.66766183
1972 0.72981585
1973 0.91132816
1974 3.27619947
1975 3.23053257
1976 3.09034779
1977 3.11411865
1978 2.72849292
1979 5.04456548
1980 5.68150196
1981 4.04888001
1982 2.3919345
1983 2.66669833
1984 2.33920575
1985 2.09298182
1986 0.91012961
1987 1.21731395
1988 0.96888198
1989 1.07193822
1990 1.23250819
1991 0.9084487
1992 0.93569466
1993 0.89208545
1994 0.76158264
1995 0.81517023
1996 0.99913559
1997 0.84570607
1998 0.54898711
1999 0.64285863
2000 1.11328918
2001 0.91567845
2002 0.68922738
2003 1.04592206
2004 1.25369196
2005 1.49664347
2006 1.13066389
2007 1.07811499
2008 1.92914076
2009 0.74392113
2010 0.96870408
2011 1.2350293
2012 0.7766945
2013 0.750834
2014 0.70315366
2015 0.23437177
2016 0.30332543
2017 0.42754632
2018 0.59567881
2019 0.55709813
2020 0.32950597
2021 1.27994423
2022

United States | Total natural resources rents (% of GDP)

Total natural resources rents are the sum of oil rents, natural gas rents, coal rents (hard and soft), mineral rents, and forest rents. 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