SAUDIS AND CHINESE
I hope you all make a habit of reading "The Golden Jackass" website. There is a public section as well as the paid one for subscribers. The public piece on May 5th, a rambling tirade in honor of celebrating our communist CIC ( tongue in cheek ), at one point alluded to the Saudi royals and their part in the current low prices for oil. In short, the Saudi’s are flooding the markets, in cooperation with the Chinese, to kill our fracking oil industry. With the goal, one assumes, of knocking the US economy’s dingus in the dirt. That is all the Jackass said about it, but I’ll say much more because this intrigues me. Now, when I had earlier read said website, he was all in on the theory the Saudi’s were behind the oil flood. That was all he had mentioned. I didn’t buy into it, in that case. But get the Chinese involved and suddenly you have much more excitement and geopolitical razzle dazzle than simply a country losing money now to make more later. That just didn’t make sense, as "market share" isn’t a very good reason to bite the hand of your military protector. But if the Chinese are going to be the new protector, and they ask for a favor, then things start to become much clearer.
Now, your average politician, Joe Blow on the street, most of my readers and economists alike all have a very difficult time comprehending that oil is not exactly a renewable resource ( I love you guys, but you really should be a bit more concerned with resource drawdown ). But I assure you, the Saudi’s, those making decisions that keep them in power and safe from the rabble, all know exactly how much oil they can expect to have left on a daily basis. They can’t operate under delusions, as it will be their necks being stretched by a rope tied to a lamppost. They wouldn’t be fiddle humping around with trying to gain market share, in the process pissing off their muscle, when not only is the competition only a piddling one million barrels a day, it is also shot lived ( 2016 was the projected date of steep industry wide decline, and easily calculated with published production numbers ). Remember, over pumping leads to long term well damage ( less available ). If I were a Saudi, and I knew my production was already dropping every year, and a nice Chinese gentleman asked me to sacrifice a bit of production in the future in exchange for their more realistic ability to protect the royal family ( the US has already dropped that ball, and is economically double dog dry dicked to boot ), I would most naturally agree to the deal. It isn’t even really a sacrifice, as oil is going to go sky high anyway, so less oil still brings in MORE revenue. In a more stable currency. For a better military protector. A win-win for everyone. The Chinese get to see a possible death deal to our economy, plus assure more oil supply, the Saudi’s get to stay in power. If they see the death of the fracking industry as that beneficial, should we perhaps be giving it more attention ourselves?
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