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 ...
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.
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.
Of course it does.
Why do you think the Obamites oppose it?
Maybe they’d develop a “manchurian candidate” sponsored by a billionaire Saudi prince?
sad so sad
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?
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?
...snigger...
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.
Who was it that said, “At some point, you’ve made enough money...” ?
Is this the “prince” Bush was holding hands with?
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?
Hey Prince: FRACK YOU.
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.
He’s paying the peasants not to torch and pitchfork him. He needs a steady stream of cash or bolt his kingdom.
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...
Have the Saudis tried Fracking yet themselves ?
or, do we have to go over there and show you how to do it,, again . . .
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.
Hey Saudi crown prince ? BITE ME ! GO POUND SAND !
I agree - fracking will drive SA oil prices down. Makes me so sad/ NOT.
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