The Saudis are
always up to something. Recently, Saudi Arabia announced it was going
to spend $100 billion on solar, nuclear and other renewable energy
sources. That is a lot of money for a country that is supposedly
floating on all the oil and natural gas it should ever need.
The Saudis say
they are doing this to boost the amount of spare oil they have for
export. And to be sure, the Saudis currently consume 2.7 million bpd
(27% of total production) and that is expected to grow to 8 million
bpd by 2025. In case you’re wondering, us fuelhog Americans consume
19.5 million bpd.
Still, if the
Saudis have all that spare oil, why don’t they just sink a few more
wells? Unless, maybe, they don’t have that spare capacity. Hmm…
read here
