The Oil Trap: an explanatory article by Thomas Friedman

Wallace Lake gas well; Shreveport, a photo by trudeau on Flickr.

States and nations lucky enough to have lots of oil or gas or diamonds are not That lucky. Though they may derive much wealth from selling the minerals, in the long run the wealth may prove a detriment.

Educational achievement is lower in nations that have oil, says the NY Times. A decline in economic diversity is also a product of having oil wealth. See an article by Thomas Friedman called "Pass the books. Hold the oil." .