Middle East and the Global Oil Reserves - Essay Example

The Middle East economies depend entirely on oil. Oil revenue constitutes about 80% of the GDP in the region (Akiner, & Aldis, 2004). The governments of the Middle East countries depend on oil revenue to import basic commodities such as food. Syria, Egypt, and Iran are some of the countries in the region that produce their food.
Due to the environmental effects caused by fossil fuels, the world is searching for alternative sources of energy. The escalating global oil prices also indicate the unsustainability of oil as the main source of energy for global economies (Akiner, & Aldis, 2004). In addition, most economies are considering using alternative sources of energy such as solar, wind, and nuclear energy to minimize the revenues spent on oil. For instance, the US consumes about 60% of the total. America imports 80% of its oil from Africa and the Middle East. Despite this demand, America is considering other alternative sources of energy to attain energy security.

The country is investing in other renewable energy such as biofuels and solar energy to reduce dependence on oil. Other upcoming economies such as China and India have become major oil consumers. However, the upcoming economies are keen on renewable sources of energy. This indicates that the future of oil is unclear since there is a likelihood that people will stop using oil shortly.

The Middle East holds 66% of the total global oil reserves. This has a similar implication for the Middle East economies. Thus, the future of the Middle East depends on the industrialized world economies. The ongoing efforts to reduce oil dependency in industrialized countries will have significant impacts on Middle East economies. The Middle East economies are likely to reduce significantly according to the rate of oil consumption (Mabro, 2007). However, due to the massive oil wealth in the region, Middle East countries will not experience a rapid economic decline.

TheWesternn nations have been accused of controlling Middle East oil. America and other Western allies have been using economic policies to control the Middle East. Economic sanctions are some of the policies applied by Western nations in their efforts to control the Middle East. This has created tensions between America and the Middle East. In addition, the region has resulted in internal conflicts because of the US involvement in the internal affairs and governance of the region (IAGS, 2009). This indicates that the region will remain in conflict with the Western world as long as global economies remain dependent on oil.

In conclusion, the Middle East holds nearly 66% of the global oil reserves. The industrialized countries are the main beneficiaries of Middle East oil. Thus, the Middle East economies depend on the internal relationship between the region and the Western world. The Middle East economies will worsen due to the ongoing search for alternative sources of energy. In addition, the region’s economies and governance depend on the diplomatic relationship with the developed world.