Posted on 01/13/2015 5:47:51 AM PST by thackney
Iranian President Hassan Rouhani said on Tuesday that countries behind the fall in global oil prices would regret their decision and warned that Saudi Arabia and Kuwait would suffer alongside Iran from the price drop.
"Those that have planned to decrease the prices against other countries will regret this decision," Rouhani said in a speech broadcast on state television as oil plunged to near six year lows on international markets. [O/R]
"If Iran suffers from the drop in oil prices, know that other oil-producing countries such as Saudi Arabia and Kuwait will suffer more than Iran," he added.
Oil prices have fallen 60 percent from their June 2014 peaks, driven down by rising production, particularly of U.S. shale oil, and weaker-than-expected demand in Europe and Asia.
Earlier this month, Iran described Saudi Arabia's inaction in the face of the six-month price slide as a strategic mistake, but hoped that the kingdom, Tehran's main rival in the Gulf, would respond.
On Tuesday, Rouhani singled out Kuwait and Saudi Arabia's budget dependency on oil exports.
Data showed that 80 percent of Saudi Arabia's budget is based on oil sales, while in Kuwait the figure stands at 95 percent, he said in a speech in the city of Bushehr.
(Excerpt) Read more at reuters.com ...
The US fracking revolution has been catastrophic for every dictatorship on the planet.
No wonder Rouhani hasn’t much to smile about these days.
They started hydraulic fracturing in Iran years ago as well. It is used all over the world.
The biggest difference I believe belongs to the private ownership of minerals in the US. Those willing to risk capital have bigger payouts in the US compared to most other locations.
Electric cars, the sooner the better!
Coal Powered cars, with very limited range and too much time to “refill”.
They have a market place, but they won’t fill my needs.
It’s not going to feed every need (at least until the technology gets better, internal combustion has had HOW long to get it right?), nonetheless it should be able to make a considerable dent in demand.
I don’t agree it will become a significant percentage of gasoline demand. Too limited. Battery Technology lags too far compared to the energy storage in petroleum.
Hopefully Iranians will do something to redeem themselves and drop The Bomb on these two richly deserving nations.
True....good ol supply and demand. The price will come up when demand is up....simple enough. In the meantime all the enjoy the hurt of the oil producers that are our enenmies....Obola’s head must be about to explode because all his pals are hurting LOL
That would raise the world oil/gasoline/diesel prices for many years.
Oh no! This means no more Mister Nice Guy!!! /s
Thanks thackney.
Sounds like saber rattling to me. Typical clamor from that part of the world.
So we find an alternative...Necessity is the mother of invention.
Try allocating $10 a gallon for gasoline, starting tomorrow, until you find an alternative. Just put it in a savings account of your own. See how well that would work for you.
“Coal Powered cars, with very limited range and too much time to “refill”.
They have a market place, but they won’t fill my needs.”
Did someone mention coal-powered cars?
http://www.foxnews.com/leisure/2013/02/27/could-clean-coal-power-cars/
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