When was oil discovered on the arabian peninsula?
Oil was discovered in 1936, and commercial production began during World War II. This oil-derived wealth allowed the country to provide free health care and education while not collecting any taxes from its people. The ARAMCO consortium, including Standard Oil of California and other firms, that had gotten oil concessions in Saudi Arabia, discovered huge quantities of petroleum. Saudi oil is close to the surface and therefore it is very cheap to extract. Vast reserves of oil were discovered in March 1938. Development programs, which were delayed due to the onset of the Second World War in 1939, began in earnest in 1946 and by 1949 production was in full swing. See the links below for additional information. Hope this helps.
