Saudi Arabia to Seek Financial Aid if World Reduces Oil Dependence

[Are_grits_groceries]

Saudi Arabia may join the list of countries seeking financial aid over the UN climate deal. According to a Forbes.com report, during the UN’s recent greenhouse gas talks in Bangkok, Saudi Arabia campaigned quietly for financial compensation should a climate deal substantially reduce the world’s use of fossil fuels. The country appears to be motivated not by a need for assistance adapting to the impact of global warming but rather by a desire for compensation for decreased oil profits. Will the Saudis’ stipulation impact the development of an international climate treaty?

The Saudis’ campaign comes despite a recent International Energy Agency (IEA) report, which demonstrated that oil-rich nations would likely still profit with emissions regulations (sufficient for curbing climate change) in place. (According to the report, OPEC revenues would increase by $23 trillion between 2008 and 2030. This would be a fourfold increase in OPEC revenues’ growth rate between 1985 and 2007.)

http://www.triplepundit.com/2009/10/saudi-arabia-to-seek-financial-aid-if-world-reduces-oil-dependence/

They need to suck it up and use some of their profit to change the basis of their economy in some way. Oil independence is coming slowly, but it's coming.

I have no sympathy for them when they are wating time and money.