The Importance of Oil in the world and how it has changed world politics?

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IMPORTANCE OF OIL AND HOW IT HAS CHANGED WORLD POLITICS

Introduction

In the modern civilization , oil has great significance . However , many people do not consider oil to be of great significance because they only associate it with the diesel or the petrol that they use for transport purposes . According to Yergin (Yergin ,

17 , the world is addicted to oil . Due to the oil 's important role in all countries all over the world especially in the industrialized nations , there is need for countries to

br give attention to the international oil industry . The Middle East plays a major role in world politics in relation to oil . Majority of the world oil reserves are found in the Middle East and according to the British Petroleum company data , the Gulf oil reserves in 2005 accounted for 62 per cent .Of the world reserves accounted for 743bn barrels . In this , the importance of oil will be discussed and an evaluation on how oil has changed the world politics will be given . Discussion

Importance of oil

One of the most important roles of oil is its contribution to the global economic development . One of the ways through which oil leads to economic development is its use in providing energy for various forms of transport such as planes , vehicles and trains . The modern civilization is built on oil . In almost all countries all over the world , the transport system accounts for more...