The oil boom is OVER!

[4dsc]

http://news.yahoo.com/s/csm/20070815/cm_csm/ykriegermoss;_ylt=AlqlquGRvkzZnPQ7HSQhcgkE1vAI

Its only a matter of time!!

'The oil boom is over'

These reforms come at a critical time. Saudi Arabia is barreling toward an economic and social crisis if it does not act fast. Almost 75 percent of Saudi citizens are under age 30 and youth unemployment is approaching 30 percent – a potential breeding ground for terrorists and regime dissidents. Current high oil prices are not enough to paper over the economic ravages of the past two decades. "The oil boom is over and will not return," Abdullah told his subjects. "All of us must get used to a different lifestyle."

[hatrack]

1. "My father rode a camel . . . . "

And from Abdullah, too.

[shain from kane]

2. Time to switch to an economy based on sand. n/t

[OKIsItJustMe]

7. We used to have an economy based on manufacturing

Now we have an economy based largely on services, and I understand from President Bush that things are going great!

[ElboRuum]

3. Simple Math...

Several dozen eggs. Check.
One basket. Check.
One accident-prone basket carrier. Check.

Ok... now, go!

Several dozen eggs scrambled and cooking on the pavement. Check.
One basket. Check... but really beside the point.
One accident-prone basket carrier looking sheepishly pitiful. Check.

Result?

Screwn.

[screembloodymurder]

4. Is he saying they've peaked?

Curious.

[Jackpine Radical]

5. I think the Saudis have already peaked, yes.

They're already pumping lower-value sour crude that is harder to refine, iirc.

[Javaman]

6. not sure, but...

as it's population grows more and more young saudi's want cars and as a result they now are consuming their share of oil rather then exporting it.

both ends are being stretched, exports and the need at home. And as a result, the need for oil increases, but given the fact that many in the peak oil community have stated that Anwar has peaked or at least plateaued, it's really not hard to read between the lines either.

Like mexico in about 3 years, sauda arabia will get very interesting as well in about 5 years.

[Nihil]

8. That bit made me chuckle cynically ...

> Abdullah told his subjects. "All of us must get used to a different lifestyle."

Yeah right ... like *your* lifestyle is going to change in the way
that your subjects will?
:rofl: