Monday, July 29, 2013 ( Skynews)
Prince Alwaleed bin Talal says the Gulf Arab Kingdom needs to reduce its reliance on crude oil, because fracking technology under development in other nations will result in less dependency on obtaining energy resources in his homeland.
Global demand for Saudi oil will experience further decline as the U.S. and other nations, including Great Britain and Canada, begin to find their own oil elsewhere.
Bin Talal, who is worth the U.S. equivalent of $20 billion, published an open letter to his government on Twitter, aimed to get the attention of his country’s oil minister, Ali al Naimi, Sky News reports.
He wrote the letter out of concern that the demand for oil from the Organisation of the Petroleum Exporting Countries (OPEC) is “in continuous decline,” and referred to the dangerous nature of Saudi Arabia’s dependence on the exportation of oil.
He also cited financial statistics, showing how much dependence his kingdom has on the oil industry.
“Our country is facing a threat with the continuation of its near-complete reliance on oil, especially as 92 percent of the budget for this year depends on oil,” he said.
Here is the real reason the pipeline is not approved.