Things would be different not merely the oil exporting nations, Michael, but also at home. Federal and state ownership of resources has led not merely to bureaucratized management, but to prolonged rent-seeking and political battles.

Privatization of some resources is desirable, but if royalties were passed through to citizens, we`d have better management, and less opposition to resource usage. And think of what climate change politics would look like if politicians were discussing rebated carbon taxes.