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Did Soviet production really peak, or was it more the case that Soviet investment (in exploration, and in distribution) was horribly lagging and by the late '80's, exacerbated by relatively low commodity prices, oil revenues began to really suffer?

That 2nd cold war imposed on Russia, following the long entente period, was very costly to the Soviet Union, impacting investment in everything else.

The Hun is always either at your throat or at your feet. Winston Churchill

by r------ on Thu Jan 11th, 2007 at 04:00:56 PM EST
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Oh no, it really did peak. The Soviet Union is the second most explored and most exploited oil "province" (there were several, of course, in such a big country)  in the world, after the USA, and it is also that whose biggest share of available oil has already been produced.

In the long run, we're all dead. John Maynard Keynes
by Jerome a Paris (etg@eurotrib.com) on Thu Jan 11th, 2007 at 04:25:05 PM EST
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The Soviet Union's inability to enter the information age (and thus the modern world economy) left them too dependent on commodity exports for revenue. Manuel Castells did a good analysis of why they failed to do so in this book. A drop in oil revenues could have served as a simple trigger for this deeper problem.

you are the media you consume.

by MillMan (millguy at gmail) on Thu Jan 11th, 2007 at 04:58:08 PM EST
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