Arab oil, only a few decades of oil left !!
Arab oil reserves, is the legend larger than life?
How long the world can depend on conventional energy supplies, especially fossil fuels.
At present, the oil industry continued to play a significant role in global economy and particularly of some major oil producing countries.
Oil began to play major roles in economic prosperity of the world in the late seventies. Since then there is no looking back for those countries blessed with huge oil deposits?
Some prominent Arab countries in Asia turned rich all of a sudden from obscurity.
Prominent among them is Saudi Arabia, which was put on top as the worldís largest oil reserves holder. Iran, UAE, Kuwait, Iraq, Qatar and Oman were also listed as oil rich countries.
Almost immediately, oil production began in all these countries in a rapid way but almost without local cooperation. Major oil companies around the world dashed on to these deserts and started drilling for the black gold.
All have one interest in common, to exploit as much as they can and at the same time do not provide the technology or expertise to extract oil and refine it to fuel to any of these countries.
They also started propagating about the vastness of oil reserves in the region and how they could contribute to global economy and particularly of theirs.
The nonstop oil extraction from the region provides the world much of its requirement with the rest comes from other producers such as Venezuela and China.
Russia, Canada and the US are the other major oil producers but mostly kept a major part of it for their own use. They didnít like to export the black gold unless its good for them.
The West and the Russians may differ in nine out of ten matters but in praising the Ďoil rich countries Ďof Asia, they are united even during the cold war.
But why, despite holding huge reserves of their own, they keep on drilling these deserts?.
The answer is simple, lets eat first from your plate that is easy, and weíll share from ours when in need. The Arabs agreed and the feeding continues.
Now, letís examine all these countries. Barring Iran and possibly Iraq, none of these countries can exist in the world as of today if oil is taken out of them. They completely depend on the black gold.
Do not make mistake about that. Donít be silly by looking at the big cities in some of these countries including Dubai, Abu Dhabi and Riyadh and also some big industries flourished there.
They will all vanish into thin air if all the black liquid dried on them. No body wants to be in a desert city once the scenario is began changing.
Almost all those who studied the region said one thing clearly; the region canít stand even a decade without oil.
Then the question arises. Are the Arabs aware of the grave danger they could face sometimes in near future. If so, why they didnít take anything to protect the precious asset.
Again a simple answer, they are down to their knees of the West and particularly of the US. They couldnít run their country not even for a day without the help of the millions of expatriates placed in almost all key posts.
Iran and Iraq have other options apart from oil but due to political instability and war they couldnít move towards self reliance. But experts said these two countries could survive without oil and outside help if they act immediately.
But, unfortunately for others, they canít, even if they realized the danger.
Itís been said that God gave oil to these once poor Arab desert countries, where nothing else is possible except depending on the sea for their livelihood.
But they didnít realize it and become lazy in hope that God will look after them always. And they are about to enter a stage from where only the God can save them.
The Arab oil reserves may good enough for some more decades and not any more. As far as Arab oil reserves are concerned, the legend is definitely larger than life.