Arabia produces much of the world's oil; in Saudi Arabia, oil profits are a large part if the economy. Check these sites for details.
https://www.cia.gov/library/publications/the-world-factbook/geos/sa.html#Econ
http://www.country-studies.com/saudi-arabia/oil-industry.html
why is oil so important to the
countries of the arabian peninsula?
3 answers
i understand but other websites don't tell me a lot about WHY it is important.
Because it's there.
Because they have so much of it, and other countries (US included) consume so much. The higher the demand, the higher the prices that can be charged.
Because they have so much of it, and other countries (US included) consume so much. The higher the demand, the higher the prices that can be charged.