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Oil Is Hindering Development In the Middle East Region - Essay Example

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This essay talks about Oil or “black gold” which is one of the natural resources enjoying magnanimous level of treasure by the entire global community. Oil literally translates to into wealth immediately on discovery and exploration. USA, Britain, China and Russia have involved in endless struggles…
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Oil Is Hindering Development In the Middle East Region
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Download file to see previous pages This essay stresses that over a long time since the discovery of oil, politics has assumed central place in the exploration, drilling and trade in oil products. This has been due to great economic significance of oil and its being the most depended source of energy. The focus on oil has been immense and concentrated to the extent that deaths and destruction of properties result. This has been to the struggles witnessed between groups of personalities or organizations to exercise exclusive rights of over oil. Efforts by politicians, autocrats and scientists to explore and find other sources of energy with specific intention of decentralize focus and dependence on oil has proved futile. Oil is too important and sweet to ignore in favour of other sources of energy.
This paper makes a conclusion that the Middle East region has a great history of endowment with huge reserves of crude oil and natural gas. Oil is in its simple form a black gold that can make a country achieve quick and advanced development. Unfortunately, oil in Middle East equals resource curse that results to negative development despite plenty of natural resources with huge potential to raise big revenues. Various theories contribute to the dwindled development that most of the Middle East countries including Yemen, Syria and Iraq among others are facing. The theories include but not limited to authoritarianism, Islamism, rentier states, dependency, regional and global power politics on oil. ...Download file to see next pagesRead More
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