The 1973 Arab oil embargo is a good example of an unknownunk

“The 1973 Arab oil embargo is a good example of an unknown-unknown. Cost estimates which were prepared prior to the embargo contained no provisions for increased fuel costs—no estimator could have possibly been expected to foresee that problem.”

In 2014, a second oil bust occurred where oil prices dropped from $114 dollars per barrel to $26. Please discuss what steps could have been taken to avoid this bust considering history made the industry aware of price fluctuation risks. You can discuss fracking, offshore drilling, or any other related oil topic you desire.

Solution

Saudi Arabia is one of the biggest oil resources in the world. Saudi Arabia is a very rich country and most of the countries revenue is generated by the oil resources. Oil has been closely governed by the government of Saudi Arabia and this specific government rules under the hand of the king of Saudi Arabia. People usually thing that Saudi Arabia is only based on the oil resources. Despite oil resources are one of the main business centric thanks in the Saudi Arabia, saudi Arabia is also very well known for exporting different food items including dates and other items as well. Saudi Arabia different regions and also offers different kind of business opportunities for the world. Having a totally business oriented cities to have one of the best hotels in the world. Different industries are growing steadily inside saudi Arabia. While people usually thing that Saudi Arabia is a very strict country which has Limited opportunities for the outsiders, it is just opposite. Laws inside Saudi Arabia are strict but the business opportunities as well as job opportunities are huge and pay scale is also very good. This specific change is directly converting Saudi Arabia as one of the best places to do the business and to generate better revenues. While people usually consider it a strict country, saudi Arabia has been growing consistently over the time time periods.

Saudi Arabia has been home to the immigrant and it\'s 30% of the total population are the immigrants who came from different parts of the blue. Changes in the specific laws for the labour directly affects their families across the globe and this is specific change also has a very worse effect on their lifestyles. Most of the workers and Prime labour is directly coming from the developing countries like India and Pakistan as well as Bangladesh. Saudi Arabia does have faced problem of unemployment in iT. This happened because of the unstructured type of work and organisational structures inside Saudi Arabia.
Saudi Arabia has taken major steps in creating effective labour laws for the labour and to generate more employment and to implement better Strategies for wages as well as employment of immigrants as well as different employees inside Saudi Arabia. By application of the International Labour mobility the review has been very successful in capturing the labour from across the globe. Having the best available labour with higher skills Saudi Arabia has improved the level of efficiency as well as productivity in terms of labour management.
Some of the main problems of the labour inside saudi Arabia is the problem of higher expenses as well as incorporation of the contractor. Many times the contractors fake the jobs to exploit the workers.
Lower living standards as well as less facilities available as compared to the local residents of United arab Emirates is also a very big problem. People coming from developing countries like India and Pakistan directly face is the trouble of the accommodation as well as extensive working hours which can be very exhausting for the labour. Safety measures are poor and lowest class labour is considered as one of the list important people in the society.