Political stability: political stability is a central factor in the stabilization of the oil supply and prices owing to the fact that political structures are able to accrue reliability in operations. The instability of the region is to blame for the intermittent supply of oil products as well as changes in prices owing to unpredictability of the future.
Political stability will also contribute to the rational utilization of revenues from oil exports, making it possible for the region to achieve economic development and benefit from reduced imports. As indicated, the recessionary effects in the Middle East were enhanced by the fact the countries in the region relies on imports from countries which suffered from the high fuel prices. If the region was capable of producing most of these goods and services, it would have been shielded from the exposure to the spillover effects. Political stability will also accrue strong ties with the rest of the globe, thereby contributing to development of reliable relationships through which long-term trade will benefit the world at large.
Alternative sources of energy: Renewable sources of energy are already in the trial phases for use in the transport and industrial sectors. These alternative sources of energy are bound to ease off the pressure and demand on fossil fuels, thereby reducing the demand on oil and oil products. Alternative sources of energy such as solar and nuclear energy is not restricted to certain locations and can be generated across the globe, thereby reducing the logistical and availability. Alternative sources of energy are also environmentally friendly, thereby making them a viable choice for any country that wishes to participate in the provision of solutions for contemporary global issues.
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