Friday, October 9, 2009

Saudi Arabia Asking For a Bailout

Why would the Saudis not ask for a bailout, everyone else seems to be getting them. What makes this even more ridicules then you would think at first blush is that they will not need the money. If a climate bill passes globally, OPEC will still see their revenues increase by $23 trillion over the next 22 years. That is a steeper rate of increase then the last 22 years.

http://www.chron.com/disp/story.mpl/business/energy/6657947.html (bold mine)

"There are plenty of needy countries at the U.N. climate talks in Bangkok that make the case they need financial assistance to adapt to the impacts of global warming. Then there are the Saudis.

Saudi Arabia has led a quiet campaign during these and other negotiations — demanding behind closed doors that oil-producing nations get special financial assistance if a new climate pact calls for substantial reductions in the use of fossil fuels.

That campaign comes despite an International Energy Agency report released this week showing that OPEC revenues would still increase $23 trillion between 2008 and 2030 — a fourfold increase compared to the period from 1985 to 2007 — if countries agree to significantly slash emissions and thereby cut their use of oil. That is the limit most countries agree is needed to avoid the worst impacts of climate change.
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More thoughts at http://minx.cc/?post=293392 and http://reaganiterepublicanresistance.blogspot.com/2009/10/saudis-got-chutzpah.html.

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