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What would happen to Saudi Arabia should America become less dependant on Oil?

  • 26-02-2010 4:19pm
    #1
    The Bored One
    Registered Users, Registered Users 2 Posts: 396 ✭✭


    Just a query for any with a better global view than I. America is currently rather dependant on foreign oil, and attempts to switch to other power sources has met with some resistance. Nuclear, I'm looking in your direction.
    Anyhoo, should America successfully wean itself away from a dependence on Oil from the Middle East, either through finding other areas to get it from, or focusing on technolgy that will require less of it, how do figure that would impact on Saudia Arabia and the region around it?


Comments

  • #2
    ei.sdraob
    Closed Accounts Posts: 9,376 ✭✭✭ei.sdraob


    theyll sell the oil to someone else


  • #3
    helimachoptor
    Moderators, Science, Health & Environment Moderators Posts: 21,693 Mod ✭✭✭✭helimachoptor


    ei.sdraob wrote: »
    theyll sell the oil to someone else
    China...

    If however the world decided in the morning to only use 5% of the oil it had been using, oil prices would drop through the floor, the economy would be sharply affected in the short term but most of the Arab nations who deal in oil have massive sovereign wealth funds investing in lots of other stuff, but it would be a blow.


  • #4
    The Bored One
    Registered Users, Registered Users 2 Posts: 396 ✭✭The Bored One


    Ok so America only represents a small enough element of their exports? Makes sense. Just looking at Saudia Arabia, its economy seems pretty much revolving around oil. Can anyone explain their actual relationship a little better? It looks like a case of governmental alliance due to economics, but with a a good deal of hostility from the Saudia Arabian populace towards America. Im aware I could be reading all wrong.


  • #5
    Black Swan
    Moderators, Category Moderators, Science, Health & Environment Moderators, Society & Culture Moderators Posts: 47,532 CMod ✭✭✭✭Black Swan


    "Saudi Arabia exported an estimated 8.4 million bbl/d of petroleum liquids in 2008, the majority of which was crude oil. Asia, including Japan, South Korea, China, and India, now receives an estimated 50 percent of Saudi Arabia's crude oil exports, as well as the majority of its refined petroleum product and NLG exports. Japan remains the single largest importer of Saudi crude in Asia. In order to free up petroleum for export, Saudi Arabia continues to explore for natural gas resources to meet domestic consumption needs."

    "In 2008, Saudi Arabia exported an average of 1.53 million bbl/d of petroleum liquids to the United States, accounting for 12 percent of total U.S. petroleum imports."

    Source: http://www.eia.doe.gov/cabs/Saudi_Arabia/Background.html

    If the US was to stop importing SA oil, the Asian Tigers plus India would import it, with SA hardly missing a heartbeat.


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