The Oil Product Research Paper Example | Topics and Well Written Essays - 2000 words

The Oil Product - Research Paper Example This research paper focuses on a topic of oil and it's impact on history and modern economy. The benefits of oil as a valuable product cannot be ignored. The potentials of oil to transform the economies of countries that are oil-exporters are made clear in the case of Middle East. Since the discovery of oil, the economies of the region’s countries have been highly transformed, as a result of the high volume of funds retrieved through the oil export. A key fact revealed through the literature reviewed in this research paper is the following one: oil production could not support the economic growth of all Middle East countries since not all of these countries have oil reserves. It has been also made clear that the contribution of oil in the development of economies of countries of Middle East that are oil-exporters has not been equal; in each case, the ability of local political powers to manage the production and the export processes has affected the level of benefits of oil fo r the country involved. This essay analyzes the level at which oil production in Middle East countries can support the growth of local economies is differentiated, being influenced by various political and economic interests. In this context, the researcher suggests that the value of oil as a product cannot be standardized even in countries that have been involved in the oil production process for many decades, such as the countries of the Middle East region that were used as example in this research paper.