The American entrepreneur is a serious threat to despots across the planet—this time in the oil field.
CNSNews reports that this threat is on the radar for Saudi Arabian Prince Alwaleed Bin Talal. Bin Talal is a billionaire who is determined to raise awareness on the issue as “a matter of survival.” According to CNSNews,
“New shale oil discoveries ‘are threats to any oil-producing country in the world,’ said Prince Alwaleed in an interview with The Globe and Mail. ‘It is a pivot moment for any oil-producing country that has not diversified. Ninety-two percent of Saudi Arabia’s annual budget comes from oil. Definitely it is a worry and a concern.'”
CNSNews says fracking has upped daily U.S. oil production from 5 million barrels of crude a day in 2008 to 7 million barrels a day now. Back in 2010, it had apparently already thrust the nation into play as the largest producer of natural gas.
This is another great example of how American entrepreneurs shape world history. It wasn’t Big Oil but rather the small wildcatters that developed and perfected fracking. In so doing they are largely responsible for an energy revolution that is reshaping the global power structure right before our eyes.
>>Source: Chapman, Michael W. “Saudi Billionaire Prince: Fracking Competitively Threatens ‘Any Oil Producing Country in the World.'” CNSNews.com. 6 Jan. 2014.