OPEC’s $1 Trillion Cash Quiets Poor On Longest Ever $100 Oil -- Bloomberg Businessweek
Saudi Arabia will spend $43 billion on its poorer citizens and religious institutions. Kuwaitis are getting free food for a year. Civil servants in Algeria received a 34 percent pay rise. Desert cities in the United Arab Emirates may soon enjoy uninterrupted electricity.
Organization of Petroleum Exporting Countries members are poised to earn an unprecedented $1 trillion this year, according to the U.S. Energy Department, as the group’s benchmark oil measure exceeded $100 a barrel for the longest period ever. They are promising to plow record amounts into public and social programs after pro-democracy movements overthrew rulers in Tunisia, Egypt and Libya and spread to Yemen and Syria.
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More News On OPEC's Spending Priorities
OPEC members investing in citizens as oil prices climb -- Financial Post
Sovereign wealth: Spending stays close to home -- Financial Times
IMF: Gulf states face fiscal costs -- Financial Times
To Stave Off Arab Spring Revolts, Saudi Arabia and Fellow Gulf Countries Spend $150 Billion -- Knowledge@Wharton Today
My Comment: All OPEC members have seen what has happened in Tunisia, Egypt, Syria, Yemen, Bahrain, Jordan, Morocco, etc... and do not want to be next. But this is only a stop-gap measure, and the question has to then be asked .... what happens if the money runs out?
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