Loading ...Saudi Arabia may go broke before the US oil industry buckles
It is too late for OPEC to stop the shale revolution. The cartel faces the prospect of surging US output whenever oil prices rise.
Oil revenue is 90 per cent of their budget ! They don’t produce anything else ! IMPORT everything including LABOR ..They are good for nothing !
Two years before Bankruptsy happens. Everybody is on the DOLE ! And this in a country that can extract oil at cost 3.00 per barrel…..
How can this possibly happen ? It sounds like an Obama economy !
(The US RIG count is down 30 % yet higher efficiency drives cost down ,production up as drill bits have computers to search for cracks and easy flow oil..)
Saudi recently went to the BOND MARKET Banksters to BORROW money to finance their BUDGET deficit & promises ..
How do you go broke selling oil that COST $3.00 per barrel..? It wasen’t easy !