Should Kuwait Develop New Sources Of Income As An Alternative To Oil?

Should Kuwait develop new sources of income as an alternative to oil?
Kuwait is one of the Arabian Gulf countries in the Western area; it is next to Saudi Arabia, and Iraq. Most of the, Kuwaiti people, know that the most important source for living is oil, and its used it on a daily bases. Therefore, the question is what is the history of oil in our country, Kuwait. According to Koc.kw.com, oil was found in business sums at Burgan Field in 1938. In June of 1946, His Highness Sheik Ahmad Al-Jaber Al-Sabah, the late Amir of Kuwait, started the admission of Kuwait's first crude petroleum shipment (Kuwait Oil Company, n.d, para 3). Although that movement costed a lot of money, it was a huge achievement for Kuwait. The country transitioned from
The inability to control oil prices is either because of wars, regional or global political tensions. The oil market is a global market linked to other markets in different commodities. For example Kuwait, depends on the development of its internal economy, external economy and its development projects on the production of oil as the only alternative source. It is normal for prices of goods to rise and transit traffic to be affected, leading to a state budget deficit in a structural rather than symbolic way. Explicitly, the prices of other food supplies, basic construction materials, and oil-related retailers, like kerosene, diesel, and many others. The dependence on oil as the sole source of the state leads to a financial crisis, which is difficult to solve, as the higher the price, the less the demand with the availability of supply. In addition, a sharp fall in oil prices could lead to a financial crisis that could lead to bankruptcy and threaten economic growth and destabilize the country. Kuwait's total oil reserves are between 3 million and 2.5 million barrels per day, while the average is 2.2 million
Unlike renewable energies, such as solar energy, which negatively affects the oil market dependence in the long run. Renewable energy leads to more economic stability in the current and future period and fortifies the national economy against financial crises. Both local and global, renewable sources creates new jobs for community members and also uses uncomplicated and nature-based techniques for production, such as solar wind energy, tidal energy, and hydropower. Many of the world's major industrialized nations are turning to renewable energy, For instance, Iran is working to increase solar and wind power by 5000 MW in 2018. Norway, is also an oil-producing country that is working to find alternative energy by exploiting its ecological nature, which is abundant in waterways. Nigeria also seeks to develop 300 MW of solar energy over the next five years. Iceland relies on renewable energy as it provides 100% of its electricity needs. It’s most important characteristics is that it is renewable and non-volatile, unlike oil, and its cost is inexpensive, scalable and environmentally friendly, unlike conventional energy. Many countries are working to develop a renewable energy mechanism in industrial production, such as Japan and the production of solar-powered transport engines, which helps to provide the state