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View Diary: Abbreviated Pundit Round-up: Republican fantasy world continues unabated (115 comments)

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  •  Saudis not so fiscally secure? (3+ / 0-)
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    skohayes, SueDe, One Opinion

    I heard something on radio a couple of days ago which prompted me to do a quick search and I came up with:

    Saudi Arabia’s coming oil and fiscal challenge

    It's a short piece but here's the important portion:

    After the benign decade ahead, unless the current spending and oil trends are changed, the government faces a very different environment:

    •Domestic consumption of oil, now sold locally for an average of around $10 per barrel, will reach 6.5 million barrels per day in 2030, exceeding oil export volumes.

    •We do not expect total Saudi oil production to rise above 11.5 million barrels per day by 2030.

    •Even with a projected slowdown in growth of government spending, the breakeven price for oil will be over $320 per barrel in 2030.

    •The government will be running budget deficits from 2014, which become substantial by the 2020s. By 2030, foreign assets will bedrawn down to minimal levels and debt will be rising rapidly.

    I've read a couple other articles which seem to indicate the same thing. "Cheap Oil" is not something  any country is going to be able to rely upon sooner than anyone wants to admit. Certainly not those who control access to Carbon.

    The need to prioritize non-Carbon, non-Nuclear energy capacity will rapidly grow with time. The only question is will we grumble as we pay significantly more now or face with a even grimmer reality later.

    When you are right you cannot be too radical; when you are wrong, you cannot be too conservative. --Martin Luther King Jr.

    by Egalitare on Wed Sep 26, 2012 at 06:41:13 AM PDT

    •  The way things work now (0+ / 0-)

      we'll continue to rape the earth and effect more climate change until there is nothing left to exploit.  By that time this country will be so far behind in alternative energy technology and production we'll be as dependent on the rest of the world for our energy infrastructure as we have been on the oil producing countries for the past 80 years or so.

      "In this world of sin and sorrow there is always something to be thankful for; as for me, I rejoice that I am not a Republican." - H. L. Mencken

      by SueDe on Wed Sep 26, 2012 at 07:44:12 AM PDT

      [ Parent ]

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