The use of oil as an energy source has economic effects on oil producing countries. There is a high demand for more oil owing to the increasing population growth and oil prices. Attributable to the rise in oil prices, there is a sweeping revolution in the use of renewable energy in the Arab world so as to promote the use of domestic clean energy. The rise of oil prices in the Middle East has enabled the push towards the use of renewable resources. The big producing oil-rich countries in the near future will eventually exhaust their oil resources, and it is important for them to find and invest in renewable energy for the interest and future of their country. Renewable energy resources are said to be the savior of the world in the near future. There is a need for diversity in energy resources because there is a growing demand for oil, and this has led to an increase in prices. When there is a growth in energy demand, it means depletion of resources. Therefore, the oil-rich countries should diversify their energy sources, and invest in renewable energy for the future of their country. Oil cannot guarantee a future energy security to the Middle East because oil is not a renewable energy resource and, consequently, it cannot be replenished.
There is overconsumption of oil in the Middle East leading to scarcity of the natural resource. If the Middle East continuously uses all of this precious natural resource for powering their growing demand, they will ultimately run out of this natural resource (Amuzegar, 2001). In order to ensure a sustainable energy future for the Middle East, the oil- rich countries should invest in renewable energy, and this will prevent the over-consumption of oil in the region.
Saudi Arabia, Yemen, and Qatar are among the richest oil producers and consumers in the Middle East. However, if they do not limit the use of oil in their countries, they will run out of oil in the future and this will be disastrous for the future of their country. According to, Bahgat, even though Saudi Arabia, is the world’s biggest oil producer, it is due to run out of oil for export by the year 2030 (2013). The Middle East should work on securing the future of energy demands in their country by investing in renewable energy because this is a clear sign of a shortage of oil. When they do this, it will help them in securing energy demands in their country as well as preserving their environment.
According to Askari, most Middle East countries are consuming a lot of oils, and this spells disaster for them because they will eventually run short of oil (2007). Nonetheless, these countries can prevent this shortage from happening and save the interest and future of their country by avoiding the depletion of resources due to the overdependence on oil. First of oil, these countries should avoid the overdependence on the use of oil so as to stop its depletion (Ross, 2012). Therefore, in order to prevent this shortage from happening, the Middle East should invest in the use of alternative or renewable energy sources. Apart from oil, there are other domestic energy sources that can be used. In addition, these energy sources are going to be climate friendly and save the future of their country.
The alternative solution to the scarcity and overconsumption of oil in the Middle East is the use of wind and solar energy sources. If the Middle East invests in renewable energies, it will be for the best interest and future of their country. Additionally, they will have saved oil as a natural resource in addition to helping in curbing global warming caused by the use of oil. The Middle East should opt for alternative energy sources to ensure a sustainable energy future for their country. According to Bahgat, solar power seems to be the most logical energy solution that can replace oil (2013). The Middle East is abundant with sunlight, and this will make it easy to develop active solar panels to produce energy for these nations.
Alternative renewable energy resources are energy sources that are environmental friendly and do not use natural resources. There are different types of alternative energy resources, for instance, solar, wind, hydro resources, biofuel, nuclear, and geothermal energy (Nelson, 2011). These alternative energy sources have an exceptional potential to satisfy our energy needs in the Middle East and avoid the overdependence on oil as well as helping in securing the future of energy in our countries. Countries such as Jordan, Saudi Arabia, Qatar, UAE, Egypt, and Kuwait have enough resources to invest in alternative renewable energy resources. These countries are doing their best to invest in renewable energy so as to save the future of their country. For instance, Jordan is developing the use of renewable energy sources such as wind and solar to resolve the issue of rising oil prices.
Alternative renewable energy resources have a number of benefits of the economy and a country’s environment. First of all, alternative renewable energy resources are environmental friendly. When most fossil fuels are burned, they emit harmful greenhouse gas emissions to our atmosphere, thus causing global warming. However, by using renewable energy, it will significantly decrease the emission of greenhouse gasses to the atmosphere making them environmental friendly. With the use of renewable energy sources, many Middle East countries will help in solving the global warming issue thus securing a clean environment to its people
On the economy of a country, the use of alternative renewable energy resources has positive effects. For instance, it will help boost the country’s economy by creating employment opportunities. With the development of renewable energy industry, many people will get employment and this will give many Arab countries an excellent chance to boost their economy. Also, it will help in securing the interest and future of their countries (Bahgat, 2013). In addition, with the use of renewable energy sources, the Middle East will be able to improve its energy security by plummeting the need for foreign oil import. The dependence on oil is tremendously growing in the Middle East thus an increase in prices. Therefore, by switching to the use of renewable and domestic renewable energy sources, the countries will limit the importation of oil and improve its energy security and dependence. Moreover, they will not be spending more money on exports, especially oil exports because, the money will be invested in renewable energies in their countries, which is an economic advantage.
Apart from the economic and environmental benefits of renewable energy, it can also aid in the fight against poverty. Renewable energy can play a vivacious part in the electrification of rural areas in most developing world. It will help satisfy energy needs in the rural areas because it is much cheaper in these rural areas thus making it the best option compared to oil that is very expensive.
Most countries in the Middle East are investing in the use of alternative energy resources because of the benefits they have on their economy and the environment (El-Katiri, 2014). Countries like UAE, Egypt, Kuwait, Palestine, Qatar, and Morocco have realized the benefits of using alternative renewable energy. For instance, Saudi Arabia is actively investing in the process of using renewable resources such as solar power. Saudi announced a $109bn investment plan that would be used to generate one-third of its electricity from solar power (Mason and Moor, 2008). Apart from Saudi Arabia, Qatar and Yemen are also investing in the use of solar energy as a primary source of energy. Lebanon is also showing interest in solar energy so as to secure its country’s energy future. The Middle East should establish policies that support the investment in renewable energies (OECD, 2013).
In conclusion, just like every country, the Middle East must think about their future energy security. There has been an overdependence on oil as a source of energy that is leading to its depletion in the near future. Therefore, oil producing countries in the near future will ultimately exhaust their oil resources, and, therefore, it is time to start investing in renewable energies for the interest and future of their country. Due to the overconsumption of oil in the Middle East, the prices have hiked, and there is a possibility of scarcity of oil because of the growing demand. Nonetheless, these countries can prevent this scarcity by employing the use of renewable energies such as hydro, nuclear, solar, wind, and geothermal power. Renewable energy sources have economic and environmental benefits to a country. Renewable energy sources can guarantee future energy security for the Middle East is invested in properly. Countries such as Saudi Arabia, Lebanon, and Qatar are developing the use of renewable energy so as to secure the future energy needs of their countries. Going for renewable energy sources will have positive results for the future energy security in the Middle East.
References
Amuzegar, Jahangir. (2001). Managing the Oil Wealth. (Google eBook). Retrieved from http://books.google.com. (Google eBook).
Askari, Hossein. (2007). Middle East Oil Exporters. (Google eBook). Retrieved from http://books.google.com. (Google eBook).
Bahgat, Gawdat. (2013). Alternative Energy in the Middle East. (Google eBook). Retrieved from http://books.google.com.
El-Katiri, Laura. (2014). A Road map for Renewable Energy in the Middle East and North Africa (pdf). Retrieved from https://www.oxfordenergy.org/wpcms/wp-content/upload/
Mason, Michael and Moor Amit, (2008). Renewable Energy in the Middle East. Retrieved from https://books.google.com. (Google eBook).
Nelson, Vaughn. (2011). Introduction to Renewable Energy. Retrieved from http://books.google.com. (Google eBook).
OECD. (2013). Policies to Support Private Investment. (Google eBook). Retrieved from http://books.google.com.
Ross, Michael. (2012). The Oil Curse. (Google eBook). Retrieved from http://books.google.com.
