To what extent did the creation of oil economies influence the societies of the Gulf and/or Saudi Arabia - Essay Example

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The Middle East region, besides the instabilities that have bedeviled the region for many decades, is known to the cornerstone of the world’s oil industry. Many of the countries in this region have managed to develop their economies from huge investments they have made out of…
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To what extent did the creation of oil economies influence the societies of the Gulf and/or Saudi Arabia
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Download file to see previous pages The statistics revealed indicate the fact the Middle East regions accounts for more than 37.8 billion barrels in production of the global market for crude oil (Ehteshami 2008, p. 34). Inasmuch as this region has a lot of reserves for oil, it still faces major challenges when it comes to exportation and sale of this crude oil. As far as the oil market is concerned, several factors have been noted to play a major role in transforming many of the states of the Gulf into major energy consumers in the world; some of these factors include a highly growing middle class, increasing populations as well as an equally growing consumerism. This paper examines the extent to which the creation of oil economies has influenced Saudi Arabia and the societies of the Gulf region.
According to King (2006), following the famous oil crises that took place between 1973 and 1974 and again between 1979 and 1980, oil consumers in the world were very intent not to experience the same troubles again. This perspective led to an establishment of two key developments that implied an imperative drop as far as oil consumption across the world is concerned. One of these developments involved finding effective strategies and approaches that could be used in energy conservation and the send being development of alternative sources of energy in order to prevent overreliance on oil since it is a non renewable source of energy. In the second development, this thinking resulted in advocacy for the use of solar energy, coal, nuclear power as well as natural gas.
Until the oil crisis that happened in the 1970s, the global oil consumption has risen by very huge margins. In fact this demand has continued to go higher even after the price increases that were first witnessed between 1973 and 1974 (King 2006, p. 34). During this time, many economies has to change the economic approaches in ...Download file to see next pagesRead More
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