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Saudi Billionaire Prince: Fracking Competitively Threatens ‘Any Oil Producing Country in the World’

Via: cnsnews.com

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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 (OPEC) that has not  diversified. Ninety-two percent of Saudi Arabia’s annual budget comes  from oil. Definitely it is a worry and a concern.”

http://cnsnews.com/news/article/michael-w-chapman/saudi-billionaire-prince-fracking-competitively-threatens-any-oil

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PHOTO: 1973 OPEC oil embargo

‘matter of survival’? – Well Fuck You, Prince!

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January 9, 2014 - Posted by | Uncategorized | , , , , , , ,

1 Comment »

  1. I lived and worked in Yanbu, Kingdom of Saudi Arabia, from 1982 to 1985.

    I recall article after article in the Saudi papers, about how they were planning to diversify their economy.

    Well, here it is 30-years later, and they have diversified 8%.

    FAIL!

    Comment by seattle99 | January 9, 2014 | Reply


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