Executive Summary
Every successive oil price spike actually goes to negate the feeble attempts by oil producing and exporting countries, especially the GCC, to diversify their economies and reduce the dependence and inherent volatility. The region has remained a price taker in spite of the so-called stranglehold that it is supposed to possess. Being a capital intensive industry, it does not solve social issues like unemployment. Being nationally owned, it does not get represented in the local stock markets. Thus, the intricate web of oil produces more dimensions than what is normally estimated.
