Saudi Arabia’s Plan to Extend the Age of Oil
Bloomberg reports how the world’s biggest exporter of crude oil (Saudi Arabia) has let prices plummet, delaying the day when climate concerns, efficiency, and fuel switching will break the world’s dependence thereon. Things were looking bleak for Ali al-Naimi, Saudi Arabia’s petroleum minister, when oil prices crashed last fall. Naimi pushed prices lower in an initial attempt to prolong the age of oil, in the face of the growing emphasis on renewables and alternative fuels such as natural gas. Of course, this addressed a deep-seated Saudi fear: flagging the long-term demand of oil.
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