Oil as the "Devil's Excrement"

I think that term applies quite aptly when it comes to development at least - and more broadly to most resources (and for the same reason that some diamonds have the moniker of "blood diamonds").

Substantial wealth put into the hands of already corrupt governments who do not have the legal tradition or stability to handle it, is a recipe for disaster. Here from Instapundit. I agree with Reynolds that the best and arguably most elegant way to handle royalties from resources are direct dividends to all citizens - something they should have done in Iraq, and something they already do in Alaska instead of leaving a far too attractive incentive to politicians and bureaucrats.