"Your wish is my command, your highness. I will do my best to stop The Great Satan from fracking."
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 ...
Boo freaking hoo.
Briar patch...oil sands (the real competition).
So, start selling at $25/bbl.
Saudi Prince can go frack hisself!
Frack you, Prince .... and FUBO, too.
Even with there Marxist Muslim placed in the WH .
There ring kisser grifter can not stop the frackin.
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).
I knew there was something about fracking that I really liked!
The hybrid car will speed things along.
The same guy who has a huge investment in FOX News?
Tough camel turds.
“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.
He can always frack himself..
FRACK YOU, OPECkERS!
The Saudi (not majority) owned US news outlets in America will have to boost the number of “fracking is bad” news items.
Saudi Arabia’s #1 export is oil. #2 is Saudi funded Wahabi terrorism.
They really DO need to diversify.
More oil. Price at the pump remains the same under Obama. WTF?
What the frack? Middle east oil don’t like this shale!
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