23 3 mins 9 yrs

So many people doubt that the U.S. sits on the largest Oil Reserves in the world. Well one of the people who doesn’t doubt it, and understands that it will be developed is Prince Alwaleed bin Talal. He went nuts the other day on the rest of his Royal Family that they need to diversify the Saudi Economy because the fracking and Shale Oil extraction that is about to erupt in the U.S. will destroy their economy.

Prince-Alwaleed-bin-Talal-005Prince Alwaleed bin Talal, the billionaire Saudi Arabian investor, has warned that his country’s oil-dependent economy is increasingly vulnerable to competition from the US shale revolution, setting him at odds with his country’s oil ministry and Opec officials.

“Our country is facing continuous threat because of its almost total dependency on oil,” he wrote in the letter, copied to King Abdullah, Prince Alwaleed’s uncle, among others.

Opec officials have sought to play down the threat posed to the kingdom from surging North American oil production, which saw US imports from Opec members tumble to a 15-year low last year.

“The world is increasingly less dependent on oil from Opec countries including the kingdom,” Prince Alwaleed wrote.

Speaking in Washington in April, Mr Naimi, who has been the country’s oil minister for almost 20 years, welcomed increased American output as a stabilising influence on global oil prices.

He also pointed out that Saudi crude exports to the US actually increased in 2012. That is largely because US refiners have not been able to replace the kingdom’s heavy and sour crude oil.

But Prince Alwaleed rejected Mr Naimi’s assessment, although he focused on rising US gas output rather than the country’s crude oil production, which saw its single largest annual increase ever last year.

“We disagree with your excellency on what you said and we see that raising North American shale gas production is an inevitable threat,” Prince Alwaleed said.

http://www.ft.com/cms/s/0/1b6753ce-f86f-11e2-92f0-00144feabdc0.html#ixzz2aXhGp5WP

Tsk Tsk…

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23 thoughts on “Made me laugh

  1. I hope that the US and the western world in general will cease to be dependent on Saudi oil, and that they will really concentrate on finding an environmentally friendly alternative.
    The Islamic world has far too much influence on us, and what is it trying to do with that influence? Insert Islam.

  2. The Islamic world has far too much influence on us, and what is it trying to do with that influence? Insert Islam.

    Oh FFS. Batten down the hatches, raise the drawbridge and lower the portcullis.

    If there were any truth in that conspiracy theory wouldn’t they have taken the maximum opportunity to exert that influence in the sixties, seventies or eighties when Europe and the US were almost totally dependent on oil imports from OPEC?

  3. “If there were any truth in that conspiracy theory wouldn’t they have taken the maximum opportunity to exert that influence in the sixties, seventies or eighties when Europe and the US were almost totally dependent on oil imports from OPEC?”

    Nope.
    IMO there are various valid reasons why it didn’t happen before, but certainly the Saudis have been very influential in supporting the spread of Wahabbi doctrine throughout the world, and various others who sponsor extremist groups around the world.
    Whichever way you cut it 😉 I don’t think it’s something desirable, Oh FFS…

  4. IMO there are various valid reasons why it didn’t happen before

    Perhaps you’d like to explain why those who wish to spread Islam to the west wouldn’t have done so at a time when the west’s almost absolute dependencey OPEC would have been a massive advantage?

  5. Because it wasn’t a big issue then. Mass migration into Europe only really got going with the FFSEU and some clever group of militant Muslims looking for a way to punish the West for its support of Israel or/and its humiliation of Islamic nations, remembered the story of the Trojan Horse, or perhaps read the works of Antonio Gramsci, or whatever.

  6. Because it wasn’t a big issue then

    No? So when did it become a big issue, who devised the feindish plot and why did they not do it before?

  7. In case you didn’t notice FFS Mahons, we have had 9/11, the Madrid bombings, 7/7, plenty of foiled plots and recently the hacking to death of Lee Rigby in a London street in broad daylight.
    Though, as he was a squaddie that probably doesn’t count.
    FFS.

  8. Shale oil is no threat to Saudi production. It’s a different kind of oil and it would be traded on world markets anyway, like all oil.

    Prince Alwaleed bin Talal is a mega-billionaire and an extremely significant investor with massive and diverse business interests. What he’s doing is looking to get protect and enhance his position. Getting the Saudis out of oil dependency and into a much more vaired economy wouldn’t be a bad way of doing that.

  9. I don’t know about oil but I do know as long as Troll is resident in the US it will continue to have the biggest reserves of hot air 😉

  10. In case you didn’t notice FFS Mahons, we have had 9/11, the Madrid bombings, 7/7, plenty of foiled plots and recently the hacking to death of Lee Rigby in a London street in broad daylight.

    Is that addressed to me?

    If so do you really think that they’re all designed to ‘Insert Islam’? and, how does that ‘answer’ my

    So when did it become a big issue, who devised the feindish plot and why did they not do it before?

  11. This post has nothing to do with crazy islamists or other types of nazi’s.

    Ah Pete for your info, we have shale oil, we have heavy crude, we have sweet crude, we have natural gas besides what I spew, and the largest coal reserves.

    You drill a hole anywhere in the US and you find fuel. We need nothing from no one. All we need is government to get off the throats of those that want to go get it and refine it.

    This is coming.

  12. This post has nothing to do with crazy islamists or other types of nazi’s

    I can see that Troll. Others think of it as another link in the masterplan of world domination.

  13. Troll –

    Who says you’ll get all that oil, gas and coal? They’ll be sold on global markets to the highest bidder.

    The Feds are happy with that because it maximises their tax looting. If it means you sitting round a candle every winter, well they don’t give a stuff about you anyway.

  14. ” Is that addressed to me?

    If so do you really think that they’re all designed to ‘Insert Islam’? and, how does that ‘answer’ my

    So when did it become a big issue, who devised the feindish plot and why did they not do it before?”
    FFS yes.

    I already told you why it might be, and there are loads of websites that analyse the issue if you would like to look the subject up.
    Ha!
    I didn’t say all Muslims were doing that, I said that some groups are, and if necessary they will stir things up so that ordinary Muslims unite regardless of differences to defend any attack on their faith.
    Simples

  15. “Ich habe gelesen, aber ich verstehe nicht, was ich lese”

    Fritz,
    Bitte vergessen Sie nicht, die Katze draußen lassen.
    Gute Nacht.

  16. Here’s a documentary from Israeli TV about ‘growing anti-semitism’. I like the bit at 08.10 where Abe Foxman bemoans the replacement of libraries with controlled reading by the internet where source material is available.

    What is not mentioned is that the violence against jews in the west is predominantly carried out by those whom jews let into the west. To the head zionists, it’s not just that jews must thrive, but all potential opponents must be destroyed a la purim, and if a few little jews in the west get beaten up by the muslims allowed in by the zionist-dominated Establishment parties, then too bad – as long as the west is destroyed from within:

  17. no it addressed to our resident vichy Allan.

    Pete it’s called the law of supply and demand. If you flood the market the price drops. Especially in the exporting country.

    How much do you think the price of gas is in Saudi? It’s 50cents a Gallon.

  18. Troll –

    The laws of supply and demand still apply to the Saudis. Fuel is so cheap there because it’s massively subsidised.

    The world’s biggest exporter of crude has a domestic fuel subsidy bill exceeding 162 billion riyals ($43 billion) a year …

    The country, the de-facto leader of the Organization of Petroleum Exporting Countries, is losing potential export revenue by selling oil domestically at $5 to $15 a barrel when international buyers pay more than $100

    What will happen if US producers flood the markets and force prices right down? All producers will sut back on production, so bringing the price back up. It’s the relatively high price of energy which has made recent discoveries economic. Once prices fall so far, exploration and extraction becomes uneconomic, price rations supply, supply falls, prices rise and so new production comes along.

    Thus the market rations supply and brings supply and demand into equilibrium via the pricing mechanism. If only the “government must do something” crowd realised this.

  19. it’s not in equilibrium, and the world can’t cut it’s production with China finaly coming on line.

    As for a subsidy in SA that’s not what it is. They sell it for nothing in their country because they have no need to gauge their own while gouging everyone else.

    and remember to our economy 43Billion is a single line item.

  20. The Saudis, like the Venezuelans, are pissing away their national inheritance, whose supply will not last forever.

    Premium gas costs 5.8 cents a gallon in Caracas. No one cares about fuel economy, as gas is ” free “.

    Not smart.

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