With our oil production coming up, why shouldn’t we expect Saudi production to fall off...its about time.
The only thing they export is Oil and Terrorism
Last I heard there was an oil glut.
I paid the lowest prices for gas two weeks ago, I have paid since the 90s.
Where do we find all this hand wringers?
Fascist Globalists and Islamic Terrorist States face Bankruptcy.
There’s US, Russia, and Africa oil now. China’s going hard after Africa and we’ve been napping.
The ME’s days are rapidly dwindling as some kind of economic superpower due to their one-trick pony economy and cradle-to-grave welfare systems. Oh and there’s the general insanity their portion of the world exports that causes death and destruction wherever it goes...
Arab economies in trouble? YES! YES! YES!
One thing to consider - in Indonesia, certainly the population has grown a lot in 40 years, and indeed, there are more people on motorbikes consuming oil.
But in places like Kuwait, Saudi Arabia and UAE, yes, their population has grown as well, but are still small relative to their huge oil production, and I contend that much of this “domestic consumption” is in downstream, large-scale things like ethylene crackers, which produce plastics resins (which are then exported).
The US Economy will be fine. Prices may settle around 2.50 but Obama’s necessary 4.00 is a bunch of crap.
I cannot help the ridiculous left coast.
Fracking oil has disrupted OPEC to the point of oblivion for the US as far as I’m concerned.
We have more than they do.
The HUGE difference is ownership. In the US the government could not spend most of the hydrocarbon bounty to fuel domestic welfare and political payoffs because the stuff was mostly privately owned or at least privately financed.
Fracking is mostly a US industry and occurs almost exclusively on private lands. The people who made the revolution should reap the rewards free from all calls to keep it here.
Never agree to restricting the production and selling of hydrocarbons. Even if it means we export it. Keeping oil free its the only way to keep the government from using it to turn us into a petrotyranny.
Now that the greenies have lost the Peak Oil scare and the AGW scare look for them to change course and try to regulate in the name of minimum prices, export restrictions, fair returns, etc. We could make a quick trip back to the 70’s regulations.
The development of fracking and soon low-cost methods of extracting oil using microwaves could suddenly open up many supposedly uneconomic oil fields, including supposedly "tapped out" oil fields. That would increase the supply of crude oil and natural gas so high that the Persian Gulf states may no longer be able to compete. Indeed, right now there is such a ridiculous surplus of natural gas supplies that companies are now cheaply making motor fuels and motor oil from natural gas! (Indeed, the Persian Gulf country of Qatar is building facilities to turn their massive natural gas supply into both diesel fuel and gasoline--and they had planned that nearly 15 years ago.)
In short, Adam Smith's invisible hand just judo chopped the Persian Gulf economies at the worse time possible.