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Saudi Arabia's oil minister told a crowd of U.S. oil executives in Texas on Tuesday exactly what they were afraid of hearing: that OPEC is more than happy to ride out cheap crude prices until higher-cost producers are pushed out of the market.
Im thinking this news will be devastating for the shale gas business and cause a raft of loan defaults....
As well as bring about a spike in unemployment rates.....
It could be the straw that breaks the camels back too.....
what do you think?
boon or bust?edit on 23-2-2016 by bandersnatch because: (no reason given)edit on 23-2-2016 by bandersnatch because: (no reason given)
originally posted by: Grimpachi
the difference from then and now is that they now have nuclear weapons so they have no fear of western nations trumping up false charges to start a war with them like others have seen.
originally posted by: NoCorruptionAllowed
a reply to: markosity1973
Definitely true, and it really is economic terrorism. Wars have begun from far less provocations than this even..
Scary times ahead.
originally posted by: Nexttimemaybe
originally posted by: NoCorruptionAllowed
a reply to: markosity1973
Definitely true, and it really is economic terrorism. Wars have begun from far less provocations than this even..
Scary times ahead.
It isn't economic terrorism in any way. It is capitalism pure and simple.
Other countries can just refuse to buy Saudi oil of course. This may end up in legal battles of course.
This may actually be a good thing in the long term in terms of investment in renewable energies.
Short term it could result in the invasion of more oil producing nations.
originally posted by: yuppa
Here is how you fix the saudis little red wagon. cut off all humanitarian aid to their country and charge 10 times th e going rate for things they get imported. All that fruit and food and water they import? GONE. Military protection? Gone. weapons sales? gone. Oil producing equipment that we lease to them.. gone.
They seem to forget we can hurt them very very bad.