This paper studies per capita income convergence among locations in a resource-rich country. The question addressed is whether exhaustible resources contribute to income convergence. I explore this question theoretically and empirically. Theoretical part consists in developing a neoclassical growth model to include an exhaustible resource as an additional asset of the representative household and an input in the production function. Solving the model, I derive a regression of income growth on the initial stocks of capital and the resource. The theoretical results are that the resource does contribute to income convergence, and that capital and resource contributions relate to each other exactly in line with their elasticities of output. The empirical part reduces to estimation of the specification derived using the data on Russian cities. The empirical estimates support a theoretical prediction for the exhaustible resource effect on income convergence, as well as a prediction for the relationships of the regression estimates on capital and resource.