BLACK GOLD

BLACK GOLD• Most countries in SW Asia have a one-resource economy

based on petroleum (oil)

• ½ of all the proven oil reserves are located in this region

• Saudi Arabia has a 200 year proven RESERVE.

• The Saudi government could purchase all 32 NFL teams (player contracts, employee salaries, stadiums, etc.) with just six weeks of revenues from oil.

BLACK GOLD IN SAUDI ARABIA

• Kuwait– Had a proven reserve of 21

BILLION barrels until the 1st Gulf War

• Iraq– Has a proven reserve of 7

BILLION barrels

• Top 5 Oil Producers World-Wide:– Saudi Arabia– Iraq– United Arab Emirates (U.A.E.)– Kuwait– Iran

BLACK GOLD IN SW ASIA

• Other countries around the world with proven oil reserves:

• North America– Mexico

– United States

– Canada

BLACK GOLD THROUGHOUT THE WORLD

• Other countries around the world with proven oil reserves:

• Central and South America– Venezuela

BLACK GOLD THROUGHOUT THE WORLD

• Other countries around the world with proven oil reserves:

• Europe– United Kingdom

– Russia

– Norway

– Denmark

BLACK GOLD THROUGHOUT THE WORLD

• Other countries around the world with proven oil reserves:

• Africa– Libya

– Nigeria

– Algeria

– Angola

– Egypt

– Congo

– Gabon

BLACK GOLD THROUGHOUT THE WORLD

• What geographic pattern is evident about the location of oil reserves?

BLACK GOLD THROUGHOUT THE WORLD

ALL OIL IS FOUND NEAR

BODIES OF WATER!!!

• Industrialized nations around world WITHOUT proven oil reserves:

– France

– Germany

– Japan

– China

• How might these nations w/o proven reserves affect oil prices around the world? (Hint: think supply vs. demand)

– The large consumption of oil by these nations will drive up prices throughout the world.

BLACK GOLD THROUGHOUT THE WORLD