This paper examines three sets of questions related to the use of non-renewable natural resource rents: (1) To what extent countries rich in non-renewable natural resources use such rents to increase present consumption or investment or save them through net increases in foreign assets (or reduction of net foreign liabilities)? (2) To what extent countries tax them and how do they use such fiscal revenues: whether to increase public expenditures (and in particular public investment in infrastructure and human capital formation), reduce taxes on other activities (and become fiscally dependent on their natural resource wealth) or net public debt? (3) To what extent countries rich in non-renewable natural resources have less efficient and more volatile and pro cyclical public expenditures? Additionally, we examine if these effects on macro and fiscal performance depend on the countries level of development and quality of institutions, as theory suggests.