USA HISTORY

Detailed explanation-1: -Today, abundant petroleum fields dominate the area’s economy. The Middle East is similarly disproportionately rich in natural gas (32 percent of the world’s known natural gas reserves are in the region) and phosphate (Morocco alone has more than half of the world’s reserves).

Detailed explanation-2: -Oil is the most abundant resource in the Middle East, and many countries’ economies are dependent on it. However, oil is not equally distributed between all countries. There is a large difference in standard of living between those countries that have oil and those that do not.

Detailed explanation-3: -Saudi Arabia Saudi Arabia is a small country in the Middle East and is slightly larger than Mexico. Saudi Arabia has $34.4 trillion worth of natural resources-notably oil. 2 The nation has been a leading exporter ever since oil was discovered in 1938.

Detailed explanation-4: -Oil sales have created immense wealth and boosted the economy in countries such as Saudi Arabia, Iran, Iraq, and Kuwait. Millions of people in these and other parts of the Middle East have homes, jobs and education as a direct result of oil.