Study: High oil prices fuel Saudi building boom

MENAFN ^ | 05/12/2004

[Willie Green]

For education and discussion only. Not for commercial use.

(MENAFN) A recent study showed that high oil prices have sparked a building boom in Saudi Arabia, the world's leading oil producer, Arab News daily reported.

The study indicated that the Saudi government nearly doubled its capital projects spending from last year to SR42 billion ($11.2 billion), based on record high oil prices. The bulk of the money will be spent on much-needed hospitals, schools and sewage and desalination plants.

Saudi Arabia's population growth is fast outstripping the government's ability to provide services essential to maintaining stability.

Oil revenue in 2003 doubled initial government estimates of SR122 billion ($32.5 billion), topping out at SR247 billion ($65.8 billion), fueling exuberant construction activity.

[Willie Green]

Related thread: Oil Rises to 13-Year High After U.S. Gasoline Supply Declines

[ambrose]

Yet, there are no shortage of Freepers who express PRIDE in owning multiple gas guzzling SUVs...

[ambrose]

Related thread: Oil Rises to 13-Year High After U.S. Gasoline Supply Declines

Worth noting: gas prices were not even remotely this high 13 years ago.

[ModelBreaker]

Worth noting: gas prices were not even remotely this high 13 years ago.

I believe they were if you factor in inflation. In real dollars, gas prices were at their historic highest at the end of the carter administration.

[Republicus2001]

Ambrose, you have to consider inflation to be fair and accurate

[ColoradoSlim]

The sooner US gasoline suppliers start blending and selling more ethanol, manufactured from American grown corn, into gasoline the sooner we can wean our selfs off the Saudi oil teat. Corn oil can be blended into diesel fuel too. What in the good lords name is the dang hold up?

[John Lenin]

Uhmm , we don't buy much oil from the Saudis. So whats your point ? Should construction companies in the US dump their pickups for Yugos?

[Azzurri]

Actually, the highest year's gas prices, adjusted for inflation would be 1981. It would be approximately $2.99 in 2004 dollars.

[Burkeman1]

Building boom in Saudi Arabia? Well the Bin Laden Family must be doing quite well nowadays since their major business is construction.

[Ron in Acreage]

Thats right, but why let the truth get in the way of a good liberal lie intended to hurt Bush?

[b4its2late]

I love my gas guzzling SUV. I'll match it against your YUGO anytime, anywhere. Especially in the snow, assuming you know what snow is.....

[ambrose]

Osama bin Laden thanks you for your continued support.

[ambrose]

Osama bin Laden thanks you for your continued support.

[b4its2late]

Actually, the highest year's gas prices, adjusted for inflation would be 1981. It would be approximately $2.99 in 2004 dollars.

You're correct. We can thank Jimmy Carter for that and the rise of militant islam.

John Kerry BTW is another Jimmy Carter without the nuts.

[b4its2late]

Twice.

He's dead BTW.

[Burkeman1]

Recent Hummer2 owner myself. It gets a whopping 4 mpg. I am told once the engine breaks in after about the first 1000 miles I will get 6 or 7. After 10,000 miles I should get 11mpg.

[b4its2late]

My SUV only gets 17 mpg in the city and 24 on the highway.

I'm sure that after the 1st 1,000 miles, you'll be poised to buy another..... :-)

[Republicus2001]

so it is getting close for sure

[schaketo]

Subject: May 19

It has been calculated that if everyone in the United States did not purchase a drop of gasoline for one day and all at the same time, the Oil Companies would choke on their stockpiles.

At the same time it would hit the entire industry with a net loss of over 4.6 billion dollars which affects the bottom lines of the oil companies.

Therefore may 19th has been formally declared "stick it to them" day and the people of this nation should not buy a single drop of gasoline that day.

The only way this can be done is if you forward this e-mail to as many people as you can and as quickly as you can to get the word out.

Waiting on this admiinstration to step in and control the prices is not going to happen. What happened to the reduction and control in prices that the arab nations promised two weeks ago?

Remember one thing, not only is the price of gasoline going up but at the same time airlines are forced to raise their prices, trucking companies are forced to raise their prices which effects prices on everything that is shipped. Things like food, clothing, building materials, medical supplies etc. Who pays in the end? We do! We can make a difference. If they don't get the message after one day, we will do it again and again.

So do your part and spread the word. Forward this email to everyone you know. Mark your calendars and make may 19th a day that the citizens of the United States say "enough is enough"

[Willie Green]

It has been calculated that if everyone in the United States did not purchase a drop of gasoline for one day and all at the same time, the Oil Companies would choke on their stockpiles.
So do your part and spread the word.

Hear ye! Hear ye!
On the count of 3, Simon sez take 2 umbrella steps BACKWARDS while singin' "Kumbaya"...
Everybody, altogether now... 1... 2... 3!!!

.

.

.

.

.

.

.

???

Hey... where IS everybody???