The Prize: The Epic Quest for Oil, Money, and Power
What are rents? How does this apply to oil?
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Rents are "the rewards derived from nature's bounty in a given region, separate from any ingenuity or hard work by the owner." The concept began to be applied to oil in the 1950s, with nations demanding a share in the profits of oil companies. Saudi Arabia was one of the first countries to begin looking into this area.