Oil management in the Icelandic Constitutional Bill, by Thorvaldur Gylfason

Thorvaldur Gylfason, Professor of Economics at the Department of Economics – University of Iceland, was recently involved in the writing of the Constitution of Island after the 2008 crisis. With respect to oil management, Gylfason highlighted the importance of one of the clauses in the constitutional bill which reforms the resource management system that Iceland has had for the past 25 years. “If the constitutional bill with this clause is accepted by the population in the referendum, it will basically mean a radical change in the way Island manages its natural resources. People, the natural owner of the resource, will at long last get a fair share of rents from the resource” he said.

To learn more about the way the constitution was written and the issues relative to oil management, watch the full interview with Gylfason:

Gylfason presented a paper on “International Experiences with the Management of Natural Resource” at the third session of the conference “Understanding and Avoiding the Oil Curse in the Arab World” Conference which focused on “International vs. Arab Country Experiences”.

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