Tuesday, September 11, 2012
Saudi Arabia to Become Oil Importer by 2030
Citigroup estimates that Saudi Arabia, the largest exporter of oil in the world, will become a net oil importer by the year 2030. My simple question to Citigroup is, where does the largest oil exporter get their oil from when the time comes? They'll probably tell us that by then, the U.S. will be back to being the prime oil exporter due to our oil shale plays in North Dakota, New York and other places. I'm going to go out on a limb and call "bullshit", but I guess we'll see what happens.
The article also points out that Saudi Arabia's per capita oil consumption is higher than many other industrialized nations, including our own. Part of the reason for this is that the kingdom subsidizes its domestic supplies, meaning that their population pays far less than market value. I have pointed this out before, but read up on the export-land model, it will truly open your eyes on this facet of peak oil.