Posted on 07/29/2013 6:29:56 AM PDT by Oldeconomybuyer
Saudi Arabian billionaire Prince Alwaleed bin Talal has warned that the kingdom's petroleum-dependent economy is increasingly vulnerable as rising production of U.S. shale oil and gas decreases global demand for crude from members of the Organization of the Petroleum Exporting Countries.
In an open letter dated May 13 addressed to Saudi Oil Minister Ali al-Naimi and several other ministers, said the kingdom won't be able to fulfill its plan to increase its crude production capacity to 15 million barrels because of the shale threat.
(Excerpt) Read more at marketwatch.com ...
What a potential tragedy.
Aside from oil, they’ve got nothing. If the price of oil drops, you’ll see a decline in global terrorism. And that’s a good thing!
ha ha
We won’t be hostage to Saudi oil interests any more, they can go back to whatever it was they were up to before we made them rich
And the Saudi’s thrall in the White House knows what he must do.
Someday a researcher will come up with some new form of energy that will render crude oil useful only for petrochemicals. The ME will dry up and blow away.
I hope that that researcher turns out to be a Jewish scientist.
The Saudi’s assessment, is the same as obama’s that’s why he opposes any form of oil production in the U.S.
He’s just figuring this out now? Lucky thing he’s a prince because otherwise things might go badly for him in life.
Since the prince was the Illegal’s prime sponsor and supporter at Harvard Law and appears to have done a very good job of protecting him from serious criticism from Fox News, being one of the major share holders ion News Corp., it’s clear the Illegal is doing all he can to repay him by sabotaging our domestic energy industry. Ain’t it a hoot how Fox never manages to make the connection between the Illegal’s “energy policy” and the prince?
Just who do ya think is FUNDING all the anti-fracking BS, anyway????
$audi money$, that’$ who!
The Russians, who depend on NG and oil for much of their foreign exchange, will also be un-pleased.
I know! The ruble fluctuates dramatically with the price of oil.
So......who is funding the anti-fracking mob?
The Saudis have been, at least officially, preparing for a post-petroleum economy for about forty years. The time horizon was probably well into this century before they would actually have to work for a living. Regardless of what the U.S. does, they will sitting on a lake of black gold for a hundred years. At least with the U.S. as a customer, they might be somewhat constrained. Now they will sell to India, Pakistan, China and Europe. It will be interesting to see how long it takes before Mecca is under Chinese control.
What would be nice in the meantime, is if the underground formations that Israel is drilling for, come in huge. This would change the complexion of the ME substantially! The Saudis can return to their ‘ships of the desert’ caravans and their moon god.
If the US built the Keystone pipeline to bring not only Canadian, but North Dakota crude to US refineries and opened up drilling in areas currently blocked because of pandering to the environmental whackos, the US could not only be oil self sufficient, but a significant exporter. This would cause world oil prices to tumble and leave the Saudis with nothing more to export than radical Islam and bring an economic boom to the US. Of course with our Muslim in Chief president pandering to every whacko group this won’t happen.
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