Abstract
Oil and gas resources played a key role in the industrial revolution and continue to play a significant role globally in modern production, consumption, and distribution processes (of which transportation is a key sector). All developed economies achieved their respective economic transformation through industrialisation and value addition made possible by the availability of cheap energy, especially oil and gas resources. The experience from the Global North in terms of economic transformation driven by fossil fuels, especially oil and gas, suggests a development paradigm that emerging markets and developing economies (EMDEs) could emulate.
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