Posted on 10/14/2014 10:54:23 PM PDT by Enterprise
In an open letter to Saudi ministers posted via Twitter, Prince Alwaleed bin Talal al-Saud expressed his “astonishment” at comments made by Ali al-Naimi, the oil minister, who reportedly played down the impact of oil prices falling below $100 a barrel. Prices have since fallen below $88 a barrel, or a quarter since June.
Prince Alwaleed, noting the kingdom’s 2014 budget was 90 per cent dependent on oil revenues, said belittling the impact of lower prices was a “catastrophe that cannot go unmentioned”.
(Excerpt) Read more at ft.com ...
I can’t wait for the day the Saudi royal family is exterminated. I almost don’t care who does it.
Russia can’t tolerate oil going lower than $100 a barrel and will have to whip up some middle east war to push prices back up again...
We have waited forty years to read such great news.
Pay back shall be a bitch!
Give the house of said to ISIS for practice.
Get rid of them. Once they’re out nuke the entire place.
What an absolute shame...../ S
How are these sand savages going to continue to fund world wide wahbittism one of the most extreme forms of an already extreme religion....
Obama to the rescue....after all he holds the king of SA in higher regard than the constitution....
I read somewhere that the cost to get the stuff out of the ground is only $5 - $10 a barrel. That’s why ISIS can afford to charge only $30 a barrel. The rest is profit. But some countries have grown dependent on the profit for their existence.
Not such great news when it crashes the stock market.
Russia doesn’t produce much beyond oil/gas and weapons.
For whatever reason they have major budget issues if oil goes much below $100 a barrel.
Oh, dear - some of those Saudi princes may have to sell off their solid gold Rolls Royces.
What did ISIS pay for? The stole the production they are selling.
A few well placed bombs would keep that oil from ever getting to market and deprive them of millions a day, even at fire-sale prices.
There's enough slack in the market now to do it without anyone being any worse off than they were a couple of months ago, too.
“For whatever reason they have major budget issues if oil goes much below $100 a barrel.”
They must be having them then, because oil was $82 bbl yesterday.
It is just business, nothing personal, mind you.
Stop the Markets, I want to get off!
Great point.
Babylon has been destined to fall. We might even see it in our lifetime...who’d a thunk it?
Down more today. $80.57
what? so they won’t be able to keep spending a million a day on hotels, jewels and caviar? my heart is broken for them - and their jewelers.
They never thought the US would be a major producer, because of the greenie weenies.
The gas station closest to me dropped 10 cents yesterday. :)
Maybe that will stimulate the economy. They always blame rising fuel prices for bad economic news.
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