The Middle East is the “epicenter” of the oil industry globally. Oil has a central significance in the economy and political status of both the exporters and the importers, local and foreign issues, in the political economy. This most lucrative natural resource which is highly valued has greatly shaped the countries of Middle East. It has impacted the region both positively and negatively.
The region has an enormous influence in the globe due to its oil possession. For instance, the region can impose restrictions on the quantities of oil exported to a foreign state. When the US and other countries imposed a restriction on the oil of Iran, the demand of this oil was not affected because there were many countries which were in need of the oil. Hence, this resource has placed the Middle East region in a position where they influence the economy and politics of the world. Money gained from selling the oil is invested in arming the countries by purchasing for artilleries, ships, weaponries and jets.
The government and various governmental organizations arm illegal groups especially terrorists as much as they are royal to their political interests. The channeling of oil funds to the Al-Qaida based terror is the reason why there are interminable wars and terror attacks in the Middle East. Countries such as US who are also interested in benefiting from the oil reserves offer to protect the oil wells using their military. The oil rich wells of the Middle East has greatly influence the political and economic activities of the world at large.
Works Cited
Selvik, Kjetil, and Stig Stenslie. Stability and Change in the Modern Middle East. London: I. B. Tauris, 2010. Print, Pg. 76 – 93.
Lewis, Bernard. The End of Modern History in the Middle East. Stanford, Calif: Hoover Institution Press, 2011. Print, 152 -172.
