Saudi Billionaire Prince: Fracking Competitively Threatens ‘Any Oil Producing Country in the World’
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.”Here's the deal. The US, Canada, and Mexico have more mapped oil and gas reserves than anybody else. While its slightly off topic, we also have more than a 20,000 year supply of coal. Let that sink in. There is no energy crisis. There is no green house gas crisis.
Fracking is good for America. It's also good for the rest of the world. What are Saudi Arabia's and the rest of the OPEC cartels two biggest exports? Oil, obviously. What's number two? Islamic jihad. I'm excepting Ecuador and Venezuela obviously. So what happens if the price of oil goes down at the same time OPEC is losing production capacity? How is this a bad thing for the rest of the word? It's not. When OPEC is no longer giving the world oil, we will only remember their other export. When that happens those counties other exports will be viewed in a much different light.