Saudi Billionaire Prince: Fracking Competitively Threatens ‘Any Oil Producing Country in the World’

CNS News.com ^ | January 7, 2014 | Michael W. Chapman

[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.”

[Blue Collar Christian]

Doesn’t it just rip your heart out?

[SunkenCiv]

Thanks Hojczyk.

[ROCKLOBSTER]

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

Please notice Dubya offered the "prince" his LEFT hand.

[TheOldLady]

Cry me a river.

[AdmSmith]

From 2012:

Matt Damon’s Anti-Fracking Movie Financed by Oil-Rich Arab Nation
http://blog.heritage.org/2012/09/28/matt-damons-anti-fracking-movie-financed-by-oil-rich-arab-nation/

[AdmSmith]

PRINCE ALWALEED: Fracking Is Going To Crush The Saudi Economy If Nothing Is Done

http://www.freerepublic.com/focus/news/3048566/posts

[AdmSmith]

With its huge reserves, Saudi Arabia will continue to be able to keep prices from rising too high, but the re-emergence of Iran and Iraq as major players may prevent them from keeping them from dropping too low. Some analysts suggest that this will be a big worry for Riyadh, which has seen spending balloon since the Arab Spring.

Saudi Arabia’s only avoided budget deficits in 2010 and 2011 because of higher-than-forecast oil prices and output. In 2011, Saudi Arabia announced two fiscal packages totalling 480 billion riyals (Dh470.1bn), or near 25 per cent of GDP at 2011 prices, Ms Sen points out, putting a heavy burden on its oil sector.

“The growth of both US and Iraqi production, at least on paper, threatens the kingdom’s share of the market just as its own rising domestic consumption reduces its exports,” said Ms Sen. “Even if the question of how to accommodate Iraq was avoided at the Vienna meeting, it cannot be kept under wraps for much longer.”

http://www.thenational.ae/business/industry-insights/energy/opecs-role-as-global-oil-policeman-under-threat#full

probably the reason why Saudi is financing AQ in Iraq and Syria and environmentalist in the US

[AdmSmith]

Putin has spy plot to halt fracking in UK, warns Nato chief: ‘Agents are working with green campaigners to make sure Europe still has to rely on Russian energy’

Read more: http://www.dailymail.co.uk/news/article-2663075/Putin-plotting-halt-UK-fracking-warns-Nato-chief-Secretary-General-claims-agents-working-campaigners-make-sure-Europe-continues-reliance-Russian-energy-exports.html

[Smokin' Joe]

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.”

Typical totalitarian attitude. Expand the market, numbnuts. Help countries develop, they will want more oil to do so. End the 'Anthropogenic Global Warming' stupidity, and let humanity flourish worldwide. It isn't a zero sum game.

[Smokin' Joe]

Maybe Saudi Arabia will try and invade the USA..... I wonder how they would do it?

Infiltrate the government at the highest levels.

Oh, wait...

[bert]

Or.....

Saudi Aramco, one of the leading energy suppliers to the world, and The Dow Chemical Company, a leading science and technology company of the world, have formed a joint venture, Sadara Chemical Company (Sadara), which will construct, own and operate a world-scale integrated chemicals complex in Jubail Industrial City II, in the Eastern Province of the Kingdom of Saudi Arabia. Once completed, the Sadara complex will represent the largest petrochemical facility ever built in a single phase. Sadara and the adjoining PlasChem Park will establish a world-scale manufacturing footprint that delivers a full range of value-added, performance products destined for the emerging markets of Asia Pacific, the Middle East, Eastern Europe and Africa.

******

This a huge project with 28 contractors

[SunkenCiv]

Thanks AdmSmith.