Final answer:
Approximately 80% of the world's readily-accessible oil reserves were located in the Middle East at the time of 'The Prize', highlighting the region's importance in the energy sector and its significant geopolitical influence.
Step-by-step explanation:
At the time of the publication of 'The Prize', which outlines the history of the global petroleum industry, approximately 80% of the world's readily-accessible oil reserves were located in the Middle East. This region, especially countries like Saudi Arabia, Iran, Iraq, the UAE, and Kuwait, are therefore significant in the global energy landscape due to their substantial reserves of light crude oil, which is more desirable than heavy oils found elsewhere due to its easier refining into fuels such as gasoline.
The strategic importance of oil reserves in the Middle East also has historical roots, as reflected by the establishment of the Anglo-Persian Oil Company in 1908 to control production in Iran. The discovery and development of these reserves have had profound geopolitical implications, influencing relationships and fostering conflict in the region over the control of this precious resource.
It's also important to note that a large portion of the world's energy consumption, including 37% of the global total and 43% of the United States' energy consumption, comes from oil, making the Middle East's reserves critically important for the global economy and politics.