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Black Gold How has the discovery of oil affected the region of the Middle East and its people? In a land covered by desert and with limited fresh water, what does the Middle East have to offer? • • • • • • • • • Now take a look at the maps in your white bucket, which countries have the most oil reserves? Syria Iraq Iran Kuwait Bahrain Qatar Yemen Saudi Arabia United Arab Emirates Where does oil come from??? Oil comes from underneath the ocean and is formed when animals die and enormous heat and pressure turn them into oil and gas over MILLIONS of years. So, is all of the world’s oil in the Middle East? Rank Country Proved reserves (bbls) 1. Saudi Arabia 264.3 2. Canada 178.8 3. Iran 132.5 4. Iraq 115.0 5. Kuwait 101.5 6. United Arab Emirates 97.8 7. Venezuela 79.7 8. Russia 60.0 9. Libya 39.1 10. Nigeria 35.9 11. United States 21.4 12. China 18.3 13. Qatar 15.2 14. Mexico 12.9 15. Algeria 11.4 16. Brazil 11.2 17. Kazakhstan 9.0 18. Norway 7.7 19. Azerbaijan 7.0 20. India 5.8 So, why don’t we use our own oil? Why don’t we use our own oil?? • The amount of crude oil produced in the United States has been getting smaller each year. However, the use of products made from crude oil has been growing, making it necessary to bring more oil from other countries. About 59.5 percent of the crude oil and petroleum products used in the United States comes from other countries. When was oil discovered in the Middle East? So what is OPEC? • Organization formed in 1960 by FIVE founding countries: – – – – – Iran Iraq Kuwait Saudi Arabia Venezuela • These countries were later joined by: Qatar, Indonesia, Libya, UAE, Algeria, Nigeria, Gabon, and Angola. What is the purpose of OPEC?? • OPEC's objective is to co-ordinate and unify petroleum policies among Member Countries, in order to secure fair and stable prices for petroleum producers; an efficient, economic and regular supply of petroleum to consuming nations; and a fair return on capital to those investing in the industry. What do the really do?? • Control the price of the world’s oil!! With so many countries having oil, how much power does OPEC really have?? Who needs oil and why?? • The WORLD WIDE demand for oil is HIGH! • Developed countries depend on these fuels for to meet energy needs • Transportation • Power Plants burn oil and Natural gas to generate electricity • Plastics, medicines, and other goods. In 2005, developing nations used approximately 28 Million Barrels of oil per day for transportation alone!! Does having oil reserves make a county rich?? GDP of Oil Producing Countries in Southwest Asia 30,000 25,000 20,000 15,000 10,000 5,000 0 •Gross Domestic product is the amount of goods and services that a country can produce. •One Key Factor that effects GDP per Capita is population Bahrain Iran Iraq Kuwait Oman Qatar Saudi Arabia Syria UAE Yemen HDI: Human Development Index HDI stands for Human Development Index. It is another way to look at the quality of life by assessing the following: Education Health Statistics GDP per Capita Life Expectancy Southwest Asia Rank 1 2 3 4 5 6 7 8 9 Country World Rank Bahrain Kuwait Qatar UAE Oman Saudi Arabia Iran Syria Yemen 40 44 47 49 74 77 101 106 149 A country with oil does not always have a good economy. For example, Yemen has some oil, but their GDP is around $500. Where does the oil money go? • Pave roads • Construct modern buildings • Medical Care (higher life expectancy) increased by 15 years . • Infant mortality rate dropped by 2/3 For Example… • Bahrain does not have the most oil reserves or the highest GDP, it uses it wealth to educate its people. All young people, boys and girls go to school. • Bahrain also invests in health care. Due to this, their infant mortality rate has dropped to one of the lowest in Southwest Asia. • However, Saudi Arabia’s royal family has become very wealthy from oil money. In 2002, the royal family spent $185 million preparing their vacation home for guest. • The rest of Saudi Arabia does not live quite as well as the royal family. So, people with oil cannot be poor??? • Yemen is one of the 20 poorest countries in the world. Its population is about 80% larger than Saudi Arabia’s, its oil reserves is equal to only 1% of Saudi’s oil reserves. • The amount of oil produced in Yemen has not been enough to pull its people out of property. In fact…. • Other Southwest Asian countries have made a lot of money from oil, but it has not been used to improve the lives of its people. • Iraq has the second largest oil reserves in the Middle East, but Saddam Hussein controlled Iraq’s oil income from 1979-2003. • This money was used to build an army, buying weapons, and fighting wars. • Very little money went to make the life better for ordinary people. Do you know this guy?? What did Moammar Gadhafi do with Libya’s oil money?? Negative Impacts of Oil • Causes major conflicts. Many wars have been fought over oil in the Middle East – Persian Gulf War • Pollution – Drilling often lead to pollution, including water pollution – Iraq used pollution as strategy for fighting • May be used to fund war and/or terrorism Mad Money in Dubai… World’s Tallest Building Twice the size of the Empire States Building Indoor Ski Slope Hotel Constant Construction Most Expensive Hotel in the world Man Made Islands Money to the Extreme.. United Arab Emirates Dubai Click here to see video clip Dubai Inc., Part 2