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I do not know, what I do know is their economies at this time rely heavily on oil exports and importing everything else. Places like Dubai only function because

I do not know, what I do know is their economies at this time rely heavily on oil exports and importing everything else. Places like Dubai only function because of tax free status propped up by oil. It would take a lot of plastic, and we are talking about multiple countries as well in the same situation. http://i2.cdn.turner.com/money/dam/assets/151022160934-cheap-oil-middle-east-780x439.png http://i2.cdn.turner.com/money/dam/assets/151022160934-cheap... If oil prices dont recover in the next 1 - 2 years we will likely see massive policy changes in the oil producing countries, which are likely to be very unpopular.

Animats 11y ago
"My grandfather rode a camel, my father rode a camel, I drive a Mercedes, my son drives a Land Rover, his son will drive a Land Rover, but his son will ride a camel." - Sheikh Rashid bin Saeed Al Maktoum, who made Dubai into a trade hub. Oil states that passed peak oil haven't done well afterward. Egypt peaked in 1992[1], and came apart politically on the way down. Libya peaked in 2008.[2] (Much of that was a war, but they never came back.) Saudi Arabia doesn't seem to be near peak output yet, but they're well below peak revenue. This is a real threat to the country's stability, which is purchased with big handouts. This was a story on YC about two days ago. [1] http://crudeoilpeak.info/egypt http://crudeoilpeak.info/egypt [2] http://crudeoilpeak.info/libya-peak-oil http://crudeoilpeak.info/libya-peak-oil