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They have just cut all ties-- they are angry folks and not sure how the world will impacted but not good-- they have been fighting like little kids for a while now, but they drew a line and it is very serious, they are the 2 most biggest power in the region--
"For a while now" would be literally since Muhammad died...over 1400 years.
The US has a continuing 1972 agreement to provide military protection to Saudi Arabia in return for them propping up the US dollar on the world market by selling their oil only for US dollars.
Thank Carter for the Middle East problems in great part for getting rid of the secular leader of Iran and replacing that with Radical Islamic Clerics instead. Kind of like the way Obama backed the Arab Spring of Radical Islam and that JV team Isis by backing out of Iraq on a date certain before it was ready..
Yes, exactly the same way, as in not in either case.
That's true. I worked in Saudi for 18 months and I wonder if the Saud family was feeling threatened and wanted an outsider diversion to rally the Saudi citizenry. If yes (and I believe that likely), they are feeling the pinch of lower oil prices and need to cut some welfare benefits but first wanted to rally the sheeple.
Or--for the same reason--they've been allowing their radicals at home to blow off steam by attacking Shiites...and let it go too far.
First Lisan, an apology. I do not wish to appear to be unsympathetic to the individuals such as you, your family friends and neighbors who are adversely affected by adverse conditions in any particular industry or region of the country. So any aspersions cast in your direction by me were uncalled for.
Quote:
Originally Posted by lisan23
A stabilized oil price ($60 a barrel) would allow the jobs in the industry to remain and American oil to be viable as well as the cost of fuel at a reasonable price. The game the Saudi's are playing right now will cause the price to see saw from one extreme to another. The industry needs stabilization, what we are experiencing right now is not stable or long term.
What the industry, and more importantly, the public needs is an end of the petroleum industries' price fixing which is essentially what "stabilizing oil prices" means. The complaint against Saudi Arabia, despite the numerous and byzantine arguments for its recent actions is that they have chosen not to reduce production in order to maintain a certain level of pricing... when other industries engage is such "price stabilization" we tend to look at such behavior as being collusive, or at least hardly indicative of a market economy, perhaps even illegal.
Yet this has never been a problem for the Oil industry where for decades price was based upon demand the uncanny ability of the oil industry as a whole to manipulate supply. And again, with my personal sympathy, those manipulations have in the past have been equally successful at providing jobs as it has been at taking them away so on a macro level it is difficult for me to concerned/sympathetic when market forces drive prices below what is considered "ideal" by a particular industry or the job loses incurred when on aggregate those same lower prices are stimulating job creation in other sectors of the economy.
The fact is, that aside from the actions of Saudi Arabia, the demand for fossil fuels is decreasing as this nation in particular is the midst in a rapid shift to alternative sources of energy, shifts that have far greater long term global benefits. As the Saudi oil minister Ali al-Naimi stated a year ago, it is not in the interest of OPEC to cut there production whatever the price is." The reason being is that oil in the ground is of no is of little use in a world moving to other forms of energy.
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