Middle East > Saudi Arabia > Saudi Arabia Is Driving Down Oil Prices, and That Might Be Good for the Environment

Saudi Arabia: Saudi Arabia Is Driving Down Oil Prices, and That Might Be Good for the Environment

2015/02/20

Undercutting the US shale boom isn’t the primary goal of the Saudis, “but obviously, it’s one of the effects,” energy and environmental policy analyst Jessica Lenard told VICE News.

However, most of the companies that sunk money into shale projects are in it for the long haul and aren’t likely to pull back anytime any minute at this time. Even at today’s prices, US shale drillerscould hold on for as long as four years, said Lenard, who works at the Washington DC-based public relations and governmental affairs firm Levick.

And if the slump starts to undercut the much-touted US oil boom, “We may see political movement in order to support those interests,” she said.

“I think we’ll see production remain where it is — at least for the short term,” Lenard said. “In the meantime, low oil prices mean a lot of consumer spending. It puts additional money in people’s pockets.

Related Articles

Saudi Arabia detains critics as new Crown Prince consolidates power
2017/09/16 Saudi Arabia has begun a wide-ranging crackdown against perceived opponents of the policies of the kingdom's new crown prince, Mohammed bin Salman. Over the last week, 16 people were held, their friends, relatives and associates said in interviews. They include prominent Islamic clerics, academics, a poet, an economist, a journalist, the chief of a youth organization, at least two women and one prince, a son of a former king. Some of them were taken from their homes in unannounced raids by security forces, and their computers, cellphones and personal papers were seized, the friends and relatives said. Those arrested have been held incommunicado, and it is not clear if they have been formally charged with crimes. Saudi Arabia has not publicly released any evidence it may have against them.
UNWTO: International tourism – strongest half-year results since 2010
2017/09/09 Destinations worldwide welcomed 598 million international tourists in the initial six months of 2017, some 36 million additional than in the same period of 2016. At 6%, increase was well above the trend of recent years, making the current January-June period the strongest half-year since 2010. Visitor numbers reported by destinations around the world reflect strong request for international travel in the initial half of 2017, according to the new UNWTO World Tourism Barometer. Worldwide, international tourist arrivals (overnight visitors) increased by 6% compared to the same six-month period last year, well above the sustained and consistent trend of 4% or higher increase since 2010. This represents the strongest half-year in seven years.
Saudi Arabia denies warming relations with Iran
2017/09/08 Saudi Foreign Minister Adel al-Jubeir on Tuesday denied any warming of relations with regional rival Iran next Tehran thanked Riyadh for its handling of the annual hajj pilgrimage. Saudi Foreign Minister Adel al-Jubeir said Iran must change its policies to have good relations with his country "If Iran wants to have good relations with Saudi Arabia, it has to change its policies. It has to respect international law," Jubeir told a press conference in London.
Saudi King to visit White House in 2018
2017/09/08 King Salman of Saudi Arabia will make an official visit to Washington early next year for talks with President Donald Trump, the White Home said Wednesday. King Salman and President Trump discussed how to advance shared goals such as strengthening security and prosperity in the Middle East The two leaders held a telephone conversation in which they discussed how to advance shared goals such as strengthening security and prosperity in the Middle East, the White Home said in a statement.
Aid agencies have called the crisis in Yemen one of the world's worst humanitarian disasters
2017/09/05 Saudi Arabia alone should fund all steps to tackle widespread disease and hunger in war-torn Yemen, a top UN official has said. Comments by David Beasley, Executive Director of the World Food Programme (WFP), were unusually forthright for such a high-ranking UN official in criticising one party in a conflict.