- Feb 18, 2001
- 7,635
- 73
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I thought that this deserved to be posted as an ironic counter to this thread:
http://forums.anandtech.com/showthread.php?t=2126754&highlight=oil
Here is the link:
http://money.cnn.com/2013/07/18/news/economy/opec-oil/index.html?hpt=hp_t3
Excerpts:
"Oil producing nations in the Middle East and elsewhere have used bulging oil revenues of the last few years to placate their people. No place is this more true than Saudi Arabia, which has subsidized housing, health care, gasoline and a host of other things to the tune of hundreds of billions of dollars since the Arab Spring protests began in 2010.
As a result, Saudi Arabia now needs oil prices close to $100 a barrel just to balance its budget. If oil prices fall, it may have to cut social spending. In a country that's been a reliable oil exporter to the global market for over half a century, yet has both a restless segment clamoring for reform as well as extremists in the ranks, the repercussions could extend well beyond OPEC."
"The pain won't be evenly spread. Iran, Venezuela and Nigeria are already thought to be exceeding spending relative to what oil revenues bring in, and are particularly vulnerable to a fall in oil prices in the next few years.
"In Iran, it could be a factor in regime change," said Steffen Hertog, an assistant professor of Middle East policy and economy at the London School of Economics. "It could certainly instigate a wave of popular unrest."
In Venezuela, where previous attempts to bring pennies-a-gallon gas prices closer to market rates preceded deadly riots and the toppling of the government, falling oil revenue could also bring about a change in regime, according to Hertog -- although he thinks the change would probably occur at the ballot box instead of the streets."
I'm having a hard time feeling bad for paying less for gas right now ...
http://forums.anandtech.com/showthread.php?t=2126754&highlight=oil
Here is the link:
http://money.cnn.com/2013/07/18/news/economy/opec-oil/index.html?hpt=hp_t3
Excerpts:
"Oil producing nations in the Middle East and elsewhere have used bulging oil revenues of the last few years to placate their people. No place is this more true than Saudi Arabia, which has subsidized housing, health care, gasoline and a host of other things to the tune of hundreds of billions of dollars since the Arab Spring protests began in 2010.
As a result, Saudi Arabia now needs oil prices close to $100 a barrel just to balance its budget. If oil prices fall, it may have to cut social spending. In a country that's been a reliable oil exporter to the global market for over half a century, yet has both a restless segment clamoring for reform as well as extremists in the ranks, the repercussions could extend well beyond OPEC."
"The pain won't be evenly spread. Iran, Venezuela and Nigeria are already thought to be exceeding spending relative to what oil revenues bring in, and are particularly vulnerable to a fall in oil prices in the next few years.
"In Iran, it could be a factor in regime change," said Steffen Hertog, an assistant professor of Middle East policy and economy at the London School of Economics. "It could certainly instigate a wave of popular unrest."
In Venezuela, where previous attempts to bring pennies-a-gallon gas prices closer to market rates preceded deadly riots and the toppling of the government, falling oil revenue could also bring about a change in regime, according to Hertog -- although he thinks the change would probably occur at the ballot box instead of the streets."
I'm having a hard time feeling bad for paying less for gas right now ...