Saudis: Give Us Money if You Cut Back on OilSubmitted by D4L on Thu, 10/08/2009 - 17:15
Even the Saudis want a bailout...things that make you go hmmm..
The Saudis, those nice folks who were charging us $147 a barrel just over a year ago, now say they'll need economic aid if the world keeps cutting back on oil consumption.
The United Nations is currently holding climate talks in Bangkok, where Saudi Arabia, suddenly spooked at the idea the world might need less of their No. 1 export, is privately demanding that oil-producing nations get special financial assistance if a new climate pact calls for big cuts in the use of fossil fuels.
That campaign comes despite an International Energy Agency report released this week showing that OPEC revenues would still increase $23 trillion between 2008 and 2030 — a fourfold increase compared to the period from 1985 to 2007 — if countries agree to significantly slash emissions and thereby cut their use of oil. That is the limit most countries agree is needed to avoid the worst impacts of climate change.