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"Oil exporters are confronted with two main problems in seeking to harness resources for development. First, the extreme volatility of revenues; second, the dysfunction of the relationships between oil companies, producer governments, and the (current and future) citizens of producing countries. Although in theory citizens may be the ultimate "owners" of their country's hydrocarbon resources, it is not clear how this ownership is to be effectively exercised, especially in countries with weak governance. Moreover, it is not even clear that electoral competition will solve the problem because of the incentives for it to turn into competition for access to oil revenues. This paper will present lessons from past experience, provide a comparative analysis of several oil exporters' experiences through the start of the current oil boom, and consider approaches towards creating "agents of restraint" that can help to support the development of better policies for the management of oil resources."