On October 8, 2009
Arabian Nights: Saudis Fret Over Future Oil Demand
Poor nations are banding together to demand aid from their richer peers to help facing climate change, with advocates including the United Nations on their side. But within the crowd of poor countries — India, Malaysia, Vietnam and so forth — there’s an incongruous voice. You’ve probably guessed it from the headline. Yes, Saudi Arabia, owner of the world’s largest oil reserves, is demanding aid to help cope with climate change. There’s something mind-boggling about a country that makes almost a quarter-trillion dollars a year on a single product holding its hand out. But that dependence (oil constitutes 80 percent of revenues, according to the CIA) is what they’re worried about. If demand for oil dropped significantly, the economic oasis…
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