A billionaire prince has warned Saudi Arabia of the fracking threat
Saudi Prince: Fracking Is Threat To Kingdom -- SKY News
As the fracking revolution eases demand for the kingdom's oil and gas, a billionaire prince warns his nation to find new income.
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.
In an open letter to his country's oil minister Ali al Naimi and other government heads, published on Sunday via his Twitter account, Prince Alwaleed said demand for oil from Organisation of the Petroleum Exporting Countries (Opec) member states was "in continuous decline".
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My Comment: This Saudi Prince is right .... if Saudi Arabia's oil income declines .... what will happen to Saudi Arabia's economy and it's ability to placate it's growing population? The alternatives do not look good.
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