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Saudi Billionaire Prince: Fracking Competitively Threatens ‘Any Oil Producing Country in the World’
CNS News.com ^ | January 7, 2014 | Michael W. Chapman

Posted on 01/07/2014 11:23:44 AM PST by Hojczyk

Saudi Arabia’s Prince Alwaleed Bin Talal, a billionaire businessman and nephew of Saudi King Abdullah, said the production of shale oil and natural gas in the United States and other countries, primarily done through fracking, is a real competitive threat to “any oil-producing country in the world,” adding that Saudi Arabia must address the issue because it is a “matter of survival.”

New shale oil discoveries “are threats to any oil-producing country in the world,” said Prince Alwaleed in an interview with The Globe and Mail. “It is a pivot moment for any oil-producing country that has not diversified. Ninety-two percent of Saudi Arabia’s annual budget comes from oil. Definitely it is a worry and a concern.”

n addition, because of fracking, America is projected to surpass Saudi Arabia and Russia as the largest oil producer in 2015, according to the EIA.

In 2008, the United States was producing 5 million barrels of crude oil per day; because of fracking, America is now producing 7 million barrels per day.

According to the American Petroleum Institute (API), “A little more than a decade ago natural gas production from shale accounted for 2% of total U.S. output. Today that figure is 37%, and another HIS Global study projects that natural gas developed through the use of hydraulic fracturing will rise to more than 75% of the domestic supply by 2035.”

(Excerpt) Read more at cnsnews.com ...


TOPICS: News/Current Events; Russia
KEYWORDS: antifracking; bintalal; clathrates; coal; ethanol; fracking; frakking; hydrocarbons; methane; oil; opec; petroleum; princealwaleed; putinsbuttboys; russia; russianstooges; saudiarabia; vladtheimploder
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To: Billthedrill
The Saudis have lowered prices before in order to drive shale production offline, at least for a few years. God bless the free market.

They are not in the same situation anymore. The price to avoid an "Arab Spring" in Saudi was big increases in welfare spending. Today, lower prices are not a matter of accepting lower surpluses but of the Kingdom actually running deficits.

21 posted on 01/07/2014 11:42:06 AM PST by Straight Vermonter (Posting from deep behind the Maple Curtain)
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To: EQAndyBuzz

The Saudis should drop the price of crude to $15 a Barrell immediately.
‘’’’’’’’’’’’’’
The saudis need at least $90@barrel to pay their bills.

the great threat to the saudis that the guy is talking about is lower oil prices that come from over production.

but imho that’s not going to happen in the next 3-5 years.

but that said imho high oil prices like today won’t be in effect five years from now.

what’s more US oil production is going much higher that eia predictions of 9/5 million barrels @ day.


22 posted on 01/07/2014 11:44:37 AM PST by ckilmer
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To: Hojczyk

Of course it does.

Why do you think the Obamites oppose it?


23 posted on 01/07/2014 11:45:54 AM PST by WayneS (Respect the 2nd Amendment; Repeal the 16th (and 17th))
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To: PGR88

Maybe they’d develop a “manchurian candidate” sponsored by a billionaire Saudi prince?


24 posted on 01/07/2014 11:47:51 AM PST by WayneS (Respect the 2nd Amendment; Repeal the 16th (and 17th))
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To: Hojczyk

sad so sad


25 posted on 01/07/2014 11:49:32 AM PST by bboop (does not suffer fools gladly)
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To: bboop

The only thing threatened is his pocket book. Fracking will drive oil prices DOWN as the oil becomes easier to obtain. Saudia Arabia certainly doesn’t want that now do they?


26 posted on 01/07/2014 11:53:03 AM PST by DaveA37
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To: bboop

The only thing threatened is his pocket book. Fracking will drive oil prices DOWN as the oil becomes easier to obtain. Saudia Arabia certainly doesn’t want that now do they?


27 posted on 01/07/2014 11:53:03 AM PST by DaveA37
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To: molson209

...snigger...


28 posted on 01/07/2014 11:59:56 AM PST by Irenic (The pencil sharpener and Elmer's glue is put away-- we've lost the red wheel barrow)
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To: Hojczyk

Seems likely the Saudis have been financing the Greens all along.

Also looks like the concept of “fossil fuels” was a well-orchestrated myth. The Earth makes gobs of methane without any need for dead dinosaurs.


29 posted on 01/07/2014 12:03:19 PM PST by Zuse
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To: Hojczyk

Who was it that said, “At some point, you’ve made enough money...” ?


30 posted on 01/07/2014 12:05:19 PM PST by Eric in the Ozarks ("Say Not the Struggle Naught Availeth.")
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To: Hojczyk

Is this the “prince” Bush was holding hands with?


31 posted on 01/07/2014 12:14:31 PM PST by dainbramaged (Windage and elevation, Mrs. Langdon; windage and elevation.)
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To: Hojczyk; All

Alawaleed bin Talal is also part owner of Fox News...that should get your attention

The biggest opponents of American oil production are the same Free Trader Communist Globalists who support American jobs and factories to Communist China. You think someone supporting Free Trade/Free Trade w Communist China will support domestic US oil production?


32 posted on 01/07/2014 12:16:16 PM PST by SeminoleCounty (Amnesty And Not Ending ObamaCare Will Kill GOP In 2014)
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To: Hojczyk

Hey Prince: FRACK YOU.


33 posted on 01/07/2014 12:18:40 PM PST by beethovenfan (If Islam is the solution, the "problem" must be freedom.)
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To: Straight Vermonter

I think you’re absolutely correct. Something has to give. I’d like it to be the money directed to Islamic terror organizations but that’s just a wish.


34 posted on 01/07/2014 12:24:58 PM PST by Billthedrill
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To: Eric in the Ozarks

He’s paying the peasants not to torch and pitchfork him. He needs a steady stream of cash or bolt his kingdom.


35 posted on 01/07/2014 12:25:57 PM PST by dangerdoc (I don't think you should be forced to make the same decision I did even if I know I'm right.)
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To: Hojczyk

Of course fracking is percieved as a threat. It enables the US to stop supporting the House of Saud and perhaps bring on an outcome such as allowing the Saudi populace to hang them from bridges.

I’ll shed a crocodile tear for them...


36 posted on 01/07/2014 12:38:33 PM PST by zek157
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To: Hojczyk

Have the Saudis tried Fracking yet themselves ?
or, do we have to go over there and show you how to do it,, again . . .


37 posted on 01/07/2014 12:50:09 PM PST by ßuddaßudd (>> F U B O << "What the hell kind of country is this if I can only hate a man if he's white?")
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To: PGR88

How would Saudi invade the US?

The same was that the Muslims invaded England: send as many immigrants as we’re willing to accept, and then have them breed like rabbits.

All it requires is a long term outlook and patience.


38 posted on 01/07/2014 12:58:05 PM PST by tanknetter (L)
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To: Hojczyk

Hey Saudi crown prince ? BITE ME ! GO POUND SAND !


39 posted on 01/07/2014 1:05:39 PM PST by American Constitutionalist
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To: Progov

I agree - fracking will drive SA oil prices down. Makes me so sad/ NOT.


40 posted on 01/07/2014 2:01:22 PM PST by bboop (does not suffer fools gladly)
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