subject: Economic Prosperity due to Petroleum [print this page] Economic Prosperity due to Petroleum Economic Prosperity due to Petroleum
It is to be noted that, it was this oil exploration that led to the discovery of the huge petroleum reserves in the Gulf countries several years back, that made them quite rich. Indeed it has been an established fact that the gulf region has got the largest deposits of the petroleum in the whole world. Because of this most of the world wide community finds job opportunities in the gulf region because of the various kinds of activities that takes place in the oil exploration companies in this region. The activities include the drilling and extraction, refining and also the shipment of the petroleum that has been taken out of the oil wells in the gulf. It is estimated that the Gulf countries produce about 80% of the petroleum produced in the whole world. As per the worldwide petroleum statistics, it is found that Saudi Arabia occupies the first position when it comes to the production of petroleum. Russia followed by the United States of America are the next largest producers of petroleum in the whole world.
