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 ...
Yah ...... so ... ?
They could be like Bahrain and develop a business center which is competent in banking, real estate and operating petroleum refining and distribution businesses right down to the retail level. Or, they could just give more money to left wing environmental causes to slow down the development of domestic energy. My bet is on the later.
I wonder what the quid pro quo was/is?
The Saudis should drop the price of crude to $15 a Barrell immediately.
GOOD GOOD GOOD!
maybe this will stop Saudi Arabia from financing billions of dollars of anti-American, anti-Christian, anti-Semitic terrorist schools and training camps all around the world
Maybe Saudi Arabia will try and invade the USA.....
I wonder how they would do it?
Gee, I wonder if any OPEC countries are giving money to Big Green? I mean, they are spending billions of dollars to build mosques in Western countries.
I can't really cry about less money finding its way into the coffers of Islamist terrorism, though.
so frack you
They could send a Kenyan to Harvard, then get him elected to the Senate, then run him for President. But no, that would never work because someone would check his birth certificate and history.
They could send a Kenyan to Harvard, then get him elected to the Senate, then run him for President. But no, that would never work because someone would check his birth certificate and history.
My understanding is that keeping 3000 princes and much of their population and certainly all of their government agencies on oil-wealth welfare necessitates prices even well above $60/barrel
Exactly why Barack Hussein is blocking it.
“Saudi Billionaire Prince: Fracking Competitively Threatens ‘Any Oil Producing Country in the World’ “
The production of any of the Greens’ oil alternatives would do the same if any were believable. The magical “Solar turbine” or “Efficient Battery” should command the same comments fro Arabs.
The Sheiks all know they are not real alternatives and are simply Cronyism to take money from governments to place in the hands of others.
What a keen eye will discern in the Saudi’s comments is that oil is king and will be around a long, long time.
>> “Saudi Arabia’s Prince Alwaleed Bin Talal... said the production of shale oil and natural gas in the United States... 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.”
heh... so true, so true.
Eat sand, you goat humping moongod worshipping terrorist-funding extortionists. And learn to LIKE it. Piss be upon you.
We just had ANOTHER cut to the price of natural gas. I say, “drill baby drill”.
lol
The answer is to back Green groups and their lawsuits to shut off fracking.
That, and elect a president who will obstruct it every way possible.
The final way is to drive the price of oil down. But its probably too late for that; now that fracking has been perfected, it can survive at a lower price than before.
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