This Christmas, the Saudis (and Russians) have to be giving thanks that Joe Biden does not want to see America's shale oil production unleashed.
Bloomberg (12/12/21) reports: "Saudi Arabia boosted its revenue forecast for next year, with higher oil prices and production volumes poised to deliver the first budget surplus in eight years and the fastest economic growth since 2011. It’s a sharp turnaround after energy market turmoil and the pandemic combined to crater the kingdom’s nascent economic recovery from the last oil price rout. But it also underscored that despite years of efforts by Crown Prince Mohammed bin Salman to diversify the Group of 20 economy -- including progress in new sectors like entertainment -- the fortunes of the world’s largest crude producer still rise and fall with the price of oil. Saudi Arabia Sees Four Revenue Scenarios Amid Oil Uncertainty To help mitigate that volatility, the kingdom is pushing ahead with plans to spend less. Excess government revenue will be 'used as a buffer for the future,' Finance Minister Mohammed Al-Jadaan said...Revenue next year is set to reach more than 1 trillion riyals ($267 billion), up from 903 billion riyals in a forecast published in September. The kingdom expects to record a surplus of 90 billion riyals next year, putting it 12 months ahead of a plan to balance the budget by 2023. Even with an expected surplus next year the government still plans to tap debt markets for about 40 billion riyals, mostly to refinance debt."
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"The upheaval in Europe is giving us a preview of the economic fiasco caused by underinvesting in reliable and secure fossil fuels. For Democrats, Europe is a model. For the rest of us, it should be a warning."
– Senator John Barrasso (R-WY)
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