Posted on 07/29/2013 5:36:46 PM PDT by markomalley
Prince Alwaleed bin Talal says the Gulf Arab Kingdom needs to reduce its reliance on crude oil, because fracking technology under development in other nations will result in less dependency on obtaining energy resources in his homeland.
Global demand for Saudi oil will experience further decline as the U.S. and other nations, including Great Britain and Canada, begin to find their own oil elsewhere.
Bin Talal, who is worth the U.S. equivalent of $20 billion, published an open letter to his government on Twitter, aimed to get the attention of his country’s oil minister, Ali al Naimi, Sky News reports.
He wrote the letter out of concern that the demand for oil from the Organisation of the Petroleum Exporting Countries (OPEC) is “in continuous decline,” and referred to the dangerous nature of Saudi Arabia’s dependence on the exportation of oil.
He also cited financial statistics, showing how much dependence his kingdom has on the oil industry.
“Our country is facing a threat with the continuation of its near-complete reliance on oil, especially as 92 percent of the budget for this year depends on oil,” he said.
Dan Kish, the vice president of the Institute for Energy Research, cited the prince’s reason for this fear as an economic concern, as well as the power of manipulation that “less reliable” countries exert over other nations when they have a monopoly on certain products.
“If we looked at energy as a weak spot, as a potential threat to national security and a reliance on others, this changes that,” he told The Daily Caller. “Many people find it liberating in a lot of ways.”
The technologies of fracking and horizontal drilling, which the U.S. and Canada did not have access to a few years ago, are allowing them to find energy at home, saving money, and keeping them more independent.
Kish also says there is a link between energy consumption and economic success, citing historical examples to explain national economic booms which occurred among countries consuming the highest amounts of energy, while also stressing that the costs of fracking are going down.
“Shale energy has been a game changer for economic growth,” Stephanie Catarino Wissman, executive director of the Associated Petroleum Industries of Pennsylvania, told TheDC. “Hydraulic fracturing provided $62 billion in additional government revenue in 2012 and will provide more than $111 billion in 2020. 1.7 million jobs are currently supported by unconventional oil and natural gas activity, and that number grows to some 2.5 million jobs in 2015, 3 million jobs in 2020, and 3.5 million jobs in 2035.”
If the U.S. continues with these practices, we may never need to obtain oil from the Middle East again, she said, adding, “With the right policies in place, America could meet 100 percent of its liquid fuel needs through safe, reliable North American sources by 2024.”
Kish stated that whenever a nation is dependent on another for an energy source, they are somewhat under the heel of that nation — something that plays a significant role in their economy.
On finding an energy source at home, Kish said, “That’s independence, that’s liberty.”
Or the rape taxis.
Let them eat their oil. The way they have treated us, the danger to they country they fund and the cost to the American taxer never concerned them before.
NOTE that Alwaleed bin Talal is part owner of Fox News Channel (its parent NewsCorp).....I sense that Fox News eventually will start attacking Fracking...like the rest of the Liberal Globalist Media
Wonder how much $$$ Fox News part owner will dump into the EcoWhacko movement....just as main owner Rupert Murdoch has been funding campaign events for Hillary Clinton
Of course he does. That’s why Hollywood uberlefty Matt Damon had to make a UAE-funded movie about how “bad” fracking is.
The Prince sees “Fracking”as a “Danger”to his country?When are these Stupid,A$$H*LES going to wake up and see OBAMA as a”Danger”to this country??????????????????
oops , the world found out ,if you fire an arrow into the air and where it lands there’s oil ,D’oh
“....America could meet 100 percent of its liquid fuel needs through safe, reliable North American sources by 2024.....”
Sure, but not with democrats in power.
Don’t worry, Prince Alwaleed - Obama would never let that happen.
Don't take this personal Redgolum, but Isn't "destablized Middle East" an oximoron like Jumbo Shrimp or Military Intelligence?
How much more fubar'd could it get, I hate to get all Ron Paul on this topic, but I have had enough, support Israel and leave everything else including the embassy's, it is all way to dysfunctional...
And it will put a lot of local strip clubs out of business, since many of them rely on Saudi customers.
McStain sabotages fracking in 3, 2, 1....
And this is exactly why 0bama is against it. It isn’t the ‘Green energy’ tribe he’s concerned with; it’s the Saudi’s that he is beholden to.
I’m sure that sand has some value.
For those who want to see a short 6 minute video showing how horizontal drilling and fracking is done Northern Gas and Oil has done a great video.
This includes a piece on how groundwater contamination is avoided:
http://www.northernoil.com/drilling-video
Knowledge is power, keep the link and pass it on.
I also think that Saudi Arabia fears that Iran could get on the fracking bandwagon and suddenly open up so much oil and natural gas in that country the Iranians could vastly exceed Saudi oil output for many decades in the future.
As their societies continue to implode, they will lash out in even more violent ways.
If they have no hope, there is no reason for say, Iran, not to start a theater wide war. Or send guys Bio or Chem weapons into the major cities.
They aren’t even that crazy yet.
mebee they won’t be able to cool their huge snow skiing facilities in the middle of the dessert to the needed temperature.....
The link below will take Freepers to the many excellent articles on Fracking and how/why the enviro whackos, Opecker Thug supporters and rats worse fear is the coming of fracking here and around the world.
http://www.freerepublic.com/tag/fracking/index
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