The third oil boom. Preliminary reading of its causes and magnitude: the setting of the Gulf Cooperation Council (GCC)
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Oil Boom
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The author provides an informative account of the Third Oil Boom and its impact on the economies of the Gulf States. Beginning by tracing the reasons behind its inception, he examines solutions for investment in alternative sources such as sand oil, oil-extraction from deep waters, shale oil as well as bio-fuel in a cost-benefit analysis. In the second half of this study, the author provides statistics and tables to explain the upsurge in oil prices and revenue values of these states as precipitated by the Third Oil Boom and how this eventually led into an economy of surplus budgets in the Gulf region. Finally, he tackles the grave repercussions of the current financial crisis on such economies.
1977 ◽
Vol 11
(3)
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pp. 285-299
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2010 ◽
Vol 213
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pp. F39-F44
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