What will happen to the Middle East's economy after it runs out of oil?

Question

I just read a quote stating that 94 percent of Iraq's current revenue comes from the export of crude oil, and numbers for other oil producing Middle Eastern countries are similar. Since many scientists and even Honda and Toyota have predicted that the world only has enough oil to last 50 years, maybe only as few as 20, what can we expect to happen after these countries run out of oil to sell? It seems they would go from being very rich to very poor nearly overnight. And with no other natural resources to fall back on, will their economies crash and burn?

Answer 1

http://www.youtube.com/watch?v=r1TeV0a4l...

here's one opinion...

Answer 2

you will hear a big sucking sound and nobody is going to give a f***

Answer 3

They will start terrorism and jihad.

They will dream of Reverse-Combustion to get back all the oil that we would have burned by then.

Answer 4

Not to get too complicated, Any sensible economy would use the oil revenue to diversify it,s wealth into other areas of commerce, for example, green tech., and develop an economy that had no dependence on oil revenue, the scientists seem to have forgotten the huge reserves in Canada, and Russia, and that the huge drive for alternative fuels will extend the oil, as dependency on it is reduced.

Answer 5

You bet. Since they do not have any industrialization they will definitely crash and burn.....and it would be OK with me.

Answer 6

it's only been a little over 100 years since oil was discovered in the middle east.  once it runs out they will go back to being broke, they don't produce anything else of real value to the world.

Answer 7

were all dead....  

Answer 8

the middle east has at least 200 years worth of oil at the current rate and 40 if it increases exponentially, however if the US made energy increases production exponentially as it does now, the growth curb of mid-east oil will slow and is predicted to be about 90 years

after that if war hasn't torn the area to shreds, the economy's should be fine in the Mesopotamia region (as it has for 1000's of years) but in Saudi Arabia it might falter. A saving grace is Dubai in the United Arab Emirates which might be a growing tourist hot spot in the future.

Answer 9

They already grow export massive amounts of marijuana and opium since so much of the country is controlled by tribal leaders, so they'll probably become a world leader in drug exports. Worked for the Colombians

Answer 10

well actually they will become economic powerhouses just like switzerland because they are diversifying their oil profits.  Dubai has the largest current endowment fund in the world.  In twenty years, they will have exponentially multiplied that.

Answer 11

They will be poor again because oil's all they have going for them.  

Answer 12

The world will find another source of energy. The Saudis will have to get jobs... or rather their children will, and work for a living like the rest of the world. The population is growing exponentially and fossil fuels are going at the same rate. Otherwise the U.S. will drill and exhaust our supply and the government will collapse if we don't do something differently.

                 We may just be the next generation of crude oil.    

Answer 13

They will just go back to living in tents in the desert.

Answer 14

They will buy the rest of America.