News, Report: OPEC president sees oil at $170 this year. (middle east, independence, dollar)
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SAN FRANCISCO (MarketWatch) -- Oil prices will climb to $170 a barrel this year because of increased demand, political tension and decisions made by monetary policymakers in the U.S. and Europe that have devalued the U.S. dollar, OPEC President Chakib Khelil told Bloomberg News on Saturday.
"Oil prices are expected to reach $170 as demand for fuel is growing in the U.S. during the summer period and the dollar continues to weaken against the euro," Khelil, leader of the Organization of the Petroleum Exporting Countries, said, according to the news service.
Good. This will hopefully shock folks out of their complacency, and lead to real reforms in the area of energy independence. It's a harsh but necessary development.
you know what's going to be really funny? when we become energy independent and completely destroy the middle east financially. they have nothing to offer besides oil, and if we take that from them....................hello bankruptcy! hope they are enjoying this money while it lasts.
Well, they will still have a couple trillion in dollar reserves. That will be an enduring legacy of our thirst for oil.
That's about the size of it too. Not sure dubai is ready for the plug to get pulled though- they've been spending wild money building resort islands offshore. Dick Cheney is gonna live there. Maybe he'll cause less trouble there than he does here.
Switch to renewables... I just hope we can get it done before we're too broke to make it happen.
The UAE only gets a small percentage of its revenue from oil anymore; they have transitioned into other fields such as tourism, ports management, shipping, etc.
Saudi Arabia alone has about $700 billion in American dollar holdings built up over the years. Despite the extremely lavish lifestyles of Saudi princes, they still haven't managed to spend it all.
you know what's going to be really funny? when we become energy independent and completely destroy the middle east financially. they have nothing to offer besides oil, and if we take that from them....................hello bankruptcy! hope they are enjoying this money while it lasts.
Nonsense. Many middle eastern economies are booming. Huge investment in infrustructure is going on, new business is starting up aswell as branches of succesful western ones. The stock markets are also performing very well against that of the US.
no, it's actually perfect sense. go to the middle east, 99% of it is freaking third world.
Quote:
Originally Posted by ian6479
Nonsense. Many middle eastern economies are booming. Huge investment in infrustructure is going on, new business is starting up aswell as branches of succesful western ones. The stock markets are also performing very well against that of the US.
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