Spike, then slump, in oil rattles Middle East

For the Organization of the Petroleum Exporting Countries, and its key Mideast members, however, it was a question of economic survival.

The price drop stunted sharp growth in Arab sheikdoms such as the United Arab Emirates, rattled deeply entrenched political systems in places like Kuwait and Iran, and endangered security and reconstruction efforts in war-ravaged Iraq. Across the region, the petrodollar-fueled subsidy programs that serve as placebos for often disgruntled people in the politically volatile region were in jeopardy.

AP