Remember when oil was heading to $147 per barrel and gas was outrageously priced and we were all going to go buy hybrids tomorrow?  That was right around the time when the European Tour announced its Race to Dubai. 

The oil revenue from that kind of precipitous growth in prices was fueling the growth of riches in Dubai and the subsequent application of that money to building Dubai up as more than an oil haven and Vegas knock-off.  Dubai, and its subsidiary Leisurecorp, were planning on buying all kinds of things in Europe.

Now, that may all come to a screeching halt.

Brian Hewitt discusses the subject that we've discussed here as likely to happen:

The Wall St. Journal recently reported that banks and finance companies that helped underwrite Dubai’s recent real estate growth are – here’s a surprise – facing mortgage defaults. Part of the problem for that region has been the precipitous decline in oil prices in the last several months.

Certainly, it would be a mistake to write off Dubai's influence.  It is a cultural epicenter in the nouveau Middle East. But, it will not be able to flex its financial muscle as it has.

To be sure, Dubai and the influence it will wield in the world of golf in the near future will be immense. Remember, Tiger Woods’ first effort as a golf course designer is in Dubai. Right now Dubai is an oasis for golf. And it’s not likely to become a mirage any time soon.
 
But its impact is limited. The big television contracts and the large title sponsor dollars are still going to be spent in the United States for the foreseeable future.
 
Any rumors of the demise of the PGA Tour, at the hands of The Race to Dubai, are greatly exaggerated.

U! S! A! U! S! A! U! S! A!  Ok, this really has nothing to do with nationalism.  I'll put the sparklers away now.