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101 comments on Forecasts on Saudi Arabia liquids production
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101 comments on Forecasts on Saudi Arabia liquids production
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You have hit the nail (conundrum) on the head. The bananoil republics (and shiekhdoms)have given cheap subsidized oil to keep the masses happy. To not cut the subsidies means less (and more expensive) oil to supply the rich capitalist west (and China etc)as more is wasted locally. But if the masses don't get their daily fix of cheap bananoil then they will be up in arms (and the revolutions will bring out the radical elements- usually anti western) with a jump in oil prices on the turmoil.
I'm sure they would take issue with your use of the word "waste"
It's waste, whatever the commodity. An example, my relatives in Egypt buy subsidized bread so cheaply that they feed chickens with fresh bread. Bakers frequently ensure a batch of bread burns and is unsuitable for humans as the price for 2nd grade bread is higher than what they can sell fresh bread for. A loaf costs less than a cent (5 piastres), the same price that I paid 20 years ago when the Egyptian pound was near parity with the dollar and wheat was a quarter the price of now. It was subsidized then and is still subsidized even though the value of the flour is up twentyfold. Consumption is also up (higher population and more consumers substituting for more expensive food).
Egypt has the same problem with subsidized fuel. Subsidized 80 octane (about 80 cents/gallon) demand is way up and shortages have caused riots and knife fights at the pumps in Cairo last week
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