Saudi Prince: Fracking Is Threat To Kingdom
Prince knows what American Media and Politicians fail to grasp
As the fracking revolution eases demand for the kingdom’s oil and gas, a billionaire prince warns his nation to find new income.
Billionaire Prince Alwaleed bin Talal said the Gulf Arab kingdom needed to reduce its reliance on crude oil and diversify its revenues.
His warning comes as rising shale energy supplies in the United States cut global demand for Saudi oil.
In an open letter to his country’s oil minister Ali al Naimi and other government heads, published on Sunday via his Twitter account, Prince Alwaleed said demand for oil from Organisation of the Petroleum Exporting Countries (Opec) member states was “in continuous decline”.
https://news.sky.com/story/1121610/saudi-prince-fracking-is-threat-to-kingdom
Funny thing, I was talking to an executive from pseg and he said natural gas is getting so cheap pseg is starting to decommission their nuclear reactors and start using gas to generate power. Also the power lines that come down spring ave bring power from penn. power which is generated by coal. It’s cheaper to buy and transmit than it it is to produce their own. Here in jersey.
Oddly enough, most of the oil and gas fracked from our country is being sold overseas. Foreign investors are getting involved to make money off of our fracking for their countries.
screw saudi arabia. if they want biz let them pump more oil, thus lowering the price. Dont forget when Geo Bush was president the price at the pump was $1.89 PER GALLON. Its now DOUBLE that thanks to Barry Barack Soweto Obama. The economy would be rocking and rolling if we didnt have to spend all our money on high gas prices
What is also annoying is the cpi which is touted by the Govt. as the gauge of inflation doesn’t include the cost of energy of any kind. What else besides housing has a bigger effect on the cost of living than energy?