Dubai And Our Gas Dollars

[NJNetz]

<div class='quotetop'>QUOTE </div><div class='quotemain'>With oil hitting $135 a barrel up over 1000% in about 9 years and gas prices hitting record highs yet again you might wonder where all this money is going.</div>
Video

 

[Petey]

Their development has been pretty amazing.

Though not sure their main source of income is still oil.

-Petey

 

[NJNetz]

I was actually stunned by the "before" and "after" picture of Dubai. Talk about a change from 1990.

 

[#1_War_Poet_ForLife]

Can't wait to go there this summer.

 

[bbwtrench]

$4.31 a gallon on Guam right now. BOO!

 

[shookem]

take a look at before and after pics of Calgary Alberta ... oh wait, it still looks like trash.

 

[Run BJM]

<div class='quotetop'>QUOTE (Petey @ May 22 2008, 04:47 PM) <{POST_SNAPBACK}></div><div class='quotemain'>Their development has been pretty amazing.

Though not sure their main source of income is still oil.

-Petey</div>
Here's what Wikipedia says:

<div class='quotetop'>QUOTE </div><div class='quotemain'>Although Dubai's economy was built on the back of the oil industry,[63] revenues from oil and natural gas currently account for less than 6% of the emirate's revenues.[7] It is estimated that Dubai produces 240,000 barrels of oil a day and substantial quantities of gas from offshore fields. The emirate's share in UAE's gas revenues is about 2%. Dubai's oil reserves have diminished significantly and are expected to be exhausted in 20 years.[64] Trade (16%), entrepôt (15%) and financial services (11%) are the largest contributors to Dubai's economy. [65]</div>
http://en.wikipedia.org/wiki/Dubai#Economy

Pretty amazing stuff.

 

[Shapecity]

Dubai has diversified itself away from just oil. They've had a nice run, but a lot of nations function because of the US economies ability to consume. Once we stop consuming their goods and services then what?

 

[Lavalamp]

The US doesn't plan on stop consuming for a while.

 

[Shapecity]

<div class='quotetop'>QUOTE (Lavalamp @ May 24 2008, 11:09 AM) <{POST_SNAPBACK}></div><div class='quotemain'>The US doesn't plan on stop consuming for a while.</div>

It has already slowed down because of the weak dollar, rising food & oil costs, and lack of credit available.