A Saudi prince has warned that his oil-reliant nation is under threat because of fracking technology being developed elsewhere around the world.
Billionaire Prince Alwaleed bin Talal said the Gulf Arab kingdom needed to reduce its reliance on crude oil and diversify its revenues.
His warning comes as rising shale energy supplies in the United States cut global demand for Saudi oil.
Why do we need to waste our money on fanciful technologies, when Saudis can produce the same oil for one tenth of the cost. We should let the Saudi oil run out first and thence when the oil prices start to rise use our oil resources and command a premium from them. For the moment we should focus on renewable sources of energy
The fracking and natural gas boom in the United States has the potential to overtake Saudi Arabia in terms of energy production and the Saudi royal family is getting very nervous about it.
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