The gulf countries have been enjoying a booming economy owing to the huge oil reserves. There has been a huge demand for oil and oil products in almost all countries of the world. Despite this huge demand, there has been no respite in oil prices since the prices have been increasing consistently ever since a long time.
There is a huge margin of profit in these oil industries and this is the reason most of the gulf countries earned tremendously. Oil is used for a variety of purposes from domestic use to fuel in vehicles. All the airplanes use oil for running. America is one of the leading users of oil as their consumption has been whopping since they top the charts of oil consumption every year.
Some people are of the belief that oil prices are likely to fall soon owing to recession. The analysts are of the opinion that both demand and prices for oil are sure to fall in 2012. Whether or not it surely happens cannot be affirmed right at the moment. But, if it so happens, a lot of developing countries can heave a sigh of relief since the upward shooting oil prices were a cause of concern for many of the financially weak countries.
Oil is used for various daily activities. So, if a country cannot afford a lot of oil import, it would be facing a lot of serious problems. This is the reason that most countries had to manage with various alternative sources so that they can use the oil reserves efficiently. It is said that the growing demands for oil was posing a problem for the humankind as a whole because oil consumption was growing at such an alarming pace that the natural reserves were depleting fast. If the demand drops, then there is a hope for a better future.
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