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Saudi Prince: Fracking Is Threat To Kingdom
Sky News ^ | July 29, 2013

Posted on 07/29/2013 9:44:34 PM PDT by 2ndDivisionVet

A Saudi prince has warned that his oil-reliant nation is under threat because of fracking technology being developed elsewhere around the world.

Billionaire Prince Alwaleed bin Talal said the Gulf Arab kingdom needed to reduce its reliance on crude oil and diversify its revenues.

His warning comes as rising shale energy supplies in the United States cut global demand for Saudi oil.

In an open letter to his country's oil minister Ali al Naimi and other government heads, published on Sunday via his Twitter account, Prince Alwaleed said demand for oil from Organisation of the Petroleum Exporting Countries (Opec) member states was "in continuous decline".

He said Saudi Arabia's heavy dependence on oil was "a truth that has really become a source of worry for many".

He added that the world's biggest crude oil exporter should implement "swift measures" to diversify its economy.

Prince Alwaleed, owner of international investment firm Kingdom Holding, is unusually outspoken for a top Saudi businessman.

But his warning reflects growing concern in private among many Saudis about the long-term impact of shale technology.

It is allowing the US and Canada to tap unconventional oil deposits which they could not reach just a few years ago.....

(Excerpt) Read more at news.sky.com ...


TOPICS: Business/Economy; Culture/Society; Foreign Affairs; News/Current Events
KEYWORDS: energy; followthemoney; fracking; hydrocarbons; islamicimperialism; methane; obamalegacy; oil; opec; petroleum; saudiarabia; shaleoil
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Good.
1 posted on 07/29/2013 9:44:34 PM PDT by 2ndDivisionVet
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To: 2ndDivisionVet

Boo freaking hoo.


2 posted on 07/29/2013 9:46:26 PM PDT by Morgana (Always a bit of truth in dark humor.)
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To: 2ndDivisionVet

Briar patch...oil sands (the real competition).


3 posted on 07/29/2013 9:47:43 PM PDT by familyop ("Dry land is not just our destination, it is our destiny!" --Deacon in the movie, "Waterworld")
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To: 2ndDivisionVet

So, start selling at $25/bbl.


4 posted on 07/29/2013 9:50:27 PM PDT by Paladin2
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To: 2ndDivisionVet; a fool in paradise

Saudi Prince can go frack hisself!


5 posted on 07/29/2013 9:51:17 PM PDT by Revolting cat! (Bad things are wrong! Ice cream is delicious!)
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To: 2ndDivisionVet

Frack you, Prince .... and FUBO, too.


6 posted on 07/29/2013 9:52:31 PM PDT by laplata (Liberals don't get it .... their minds are diseased.)
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To: 2ndDivisionVet

Even with there Marxist Muslim placed in the WH .
There ring kisser grifter can not stop the frackin.


7 posted on 07/29/2013 9:56:38 PM PDT by ncalburt ( Amnesty media out in full force)
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To: Paladin2
So, start selling at $25/bbl.

That might be the plan--between the tender ministrations of the EPA and DOJ trying to shut the industry down any way they can, slowdowns on permit processing on federal lands or simple lockouts, that just might be the one way to collapse the only healthy part of the US economy.

The other growth sector, one unrelated to oil activity is government, and that's on our IOU (Debt, debt, and more debt).

8 posted on 07/29/2013 9:58:21 PM PDT by Smokin' Joe (How often God must weep at humans' folly. Stand fast. God knows what He is doing)
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To: 2ndDivisionVet

I knew there was something about fracking that I really liked!


9 posted on 07/29/2013 10:01:26 PM PDT by faithhopecharity (E)
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To: 2ndDivisionVet

"Your wish is my command, your highness. I will do my best to stop The Great Satan from fracking."
10 posted on 07/29/2013 10:02:12 PM PDT by Texas Eagle (If it wasn't for double-standards, Liberals would have no standards at all -- Texas Eagle)
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To: 2ndDivisionVet

The hybrid car will speed things along.


11 posted on 07/29/2013 10:05:10 PM PDT by jonrick46 (The opium of Communists: other people's money.)
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To: 2ndDivisionVet

The same guy who has a huge investment in FOX News?


12 posted on 07/29/2013 10:07:37 PM PDT by RushIsMyTeddyBear (Great vid by ShorelineMike! http://www.youtube.com/watch?v=KOZjJk6nbD4&feature=plcp)
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To: 2ndDivisionVet

Tough camel turds.


13 posted on 07/29/2013 10:43:53 PM PDT by clamper1797 (Evil WILL flourish when good men WILL not act)
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To: 2ndDivisionVet

“Billionaire Prince Alwaleed bin Talal said the Gulf Arab kingdom needed to reduce its reliance on crude oil and diversify its revenues.”

And feed tons of money to the greens.


14 posted on 07/29/2013 11:01:09 PM PDT by ModelBreaker
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To: 2ndDivisionVet

He can always frack himself..


15 posted on 07/29/2013 11:02:13 PM PDT by sheik yerbouty ( Make America and the world a jihad free zone!)
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To: 2ndDivisionVet

FRACK YOU, OPECkERS!


16 posted on 07/29/2013 11:06:43 PM PDT by rottndog ('Live Free Or Die' Ain't just words on a bumber sticker...or a tagline.)
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To: 2ndDivisionVet

The Saudi (not majority) owned US news outlets in America will have to boost the number of “fracking is bad” news items.


17 posted on 07/30/2013 1:49:43 AM PDT by a fool in paradise (America 2013 - STUCK ON STUPID)
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To: 2ndDivisionVet

Saudi Arabia’s #1 export is oil. #2 is Saudi funded Wahabi terrorism.

They really DO need to diversify.


18 posted on 07/30/2013 1:51:57 AM PDT by a fool in paradise (America 2013 - STUCK ON STUPID)
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To: 2ndDivisionVet

More oil. Price at the pump remains the same under Obama. WTF?


19 posted on 07/30/2013 1:52:48 AM PDT by a fool in paradise (America 2013 - STUCK ON STUPID)
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To: 2ndDivisionVet

What the frack? Middle east oil don’t like this shale!


20 posted on 07/30/2013 2:00:47 AM PDT by AndyTheBear
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