Over the years, the monarchies\u2019 of Saudi Arabia and Kuwait provided steady stewardship over their oil fields and kept markets supplied with sufficient energy to fuel the world during a period of unprecedented economic and population growth. Back home, the ruling families harvested the proceeds to improve the lives of their people, who had, until then, lived in nearly primeval deprivation, with little access to electricity, clean water, medicine, or education. Ruling sheikhs made their subjects wealthy and complacent; oil production was a virtuous cycle.<\/p>\n
That old story is beginning to change. The Gulf monarchies have developed a growing taste for their chief export, which, if left unaddressed, could undermine both of their long-held roles: as global suppliers and as stable polities in an otherwise fractious Middle East. For the rest of the world, meanwhile, the potential loss of a key Gulf asset\u2014spare oil production\u2014foreshadows a period of greater market volatility and uncertainty.<\/p>\n
It took an astonishing increase in demand to get to this point. Energy consumption in exporting countries, just a rounding error on global demand a few decades ago, has grown by eight percent annually since 1972, compared to two percent for the world. Together, four of the six monarchies (Kuwait, Qatar, Saudi Arabia, and the United Arab Emirates) have less than one percent of the world\u2019s population, but account for more than five percent of global oil consumption. Saudi Arabia, which consumes roughly a quarter of its own production, is now the world\u2019s number-six oil consumer, guzzling nearly as much of the stuff as Russia and more than either Brazil or Germany, countries with far larger economies and populations.<\/p>\n
How is this going to be handled is the question?\u00a0 Gas Guzzling in the MIddle East<\/a><\/strong><\/p>\n Over the years, the monarchies\u2019 of Saudi Arabia and Kuwait provided steady stewardship over their oil fields and kept markets supplied with sufficient energy to fuel the world during a period of unprecedented economic and population growth. Back home, the … Continue reading ![\"Gas](\"http:\/\/www.w-t-w.org\/en\/wp-content\/uploads\/2014\/12\/Gas-Guzzling-in-the-MIddle-East-300x222.jpg\")
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