Falling revenues force Persian Gulf states to curb their spending
For most of the past decade, the money flowed like oil from the local gushers. All told, nearly $1 trillion poured into the sparsely populated, energy-rich Arab states along the Persian Gulf.* Now that stream has dwindled sharply. This year the region will take in only about $60 billion in oil revenues, down one-third from 1982 and only about one-half the level of two years ago.
Along with the fall in oil prices, the region's economy has been hit hard by the three-year-old war of attrition between Iran and Iraq. That conflict could...
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