Sunday, February 24, 2008

A modern boomtown...sort of

There is not much else to say about the museum exhibit. However, the Texas oil boom reminded me of a modern day boomtown…sort of (Dubai’s current growth is not directly financed by oil). Initially built with oil wealth, Dubai’s now makes its fortune in trade, manufacturing and financial services. Petroleum and natural gas make up less than 6% of Dubai’s revenue. A quick Google image search will show the astounding transformation of Dubai in less than 20 years. Today we see many countries benefiting from “oil booms” (i.e. Venezuela). Some are even using oil revenues to prepare for a world after peak oil, something the US companies should consider.

No comments: