Because before the discovery of oil most of the people lived in rural areas .the discovery of oil changed the lives of the people in Saudi Arabia 
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Petroleum is present in abundant quantity in the regions of Saudi Arabia.The people over there are engaged in petroleum factories and industries and it is mainly the source of income for most of the people. Hence, Petroleum provides most of the economic wealth to the people of Saudi Arabia. So it is considered as Liquid gold, which they value a lot.
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