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  • GCC Economies Flourish

  • August 9, 2006
  • Sofia Mendelev
    JID News

    The Gulf Cooperation Council (GCC) consists of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates.  Combined, these six nations have control of almost 50% of the Earth’s oil deposits.  In this day and age of high-paced consumption, construction, and human beings’ seemingly endless dependency on transportation and the automobile, this simple statistic is a very good thing.

    Global demand for oil has soared over the past decade.  Within the past year or so, people worldwide have seen the price of oil and gasoline soar.  In the industrialized nation of Canada, the price of gas has climbed to well over $1.00 CAD/litre almost constantly since the summer of 2005. 

    However, all the way on the other side of the world the six nations of the GCC were giddy with delight.  As a result of oil price increases, the GCC’s current account shot up to $152 billion in 2005 (World Bank).   The nations will almost certainly record budget surpluses for 2006 thanks to the rise in oil prices.


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