Saudis want US to pay for reducing oil usage

By Raw Story
Wednesday, October 14th, 2009 -- 9:35 am
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king abdullah saud vi Saudis want US to pay for reducing oil usageIf you thought the executives at Goldman Sachs were the kings of backroom finance, think again.

Goldman Sachs, meet Saudi King Abdullah.

A new gambit by the oil-dealing kingdom would have Western oil guzzlers paying for using less oil. Sounds like the opposite of reality, you say? The Saudis say it's the only way they'll be able to afford helping the fight against global warming.

The New York Times frames the Saudi idea as, "if wealthy countries reduce their oil consumption to combat global warming, they should pay compensation to oil producers."

Saudi climate negotiator, Mohammad al-Sabban, described the position as a “make or break” measure for the oil-heavy kingdom in the lead-up to global climate negotiations in Copenhagen. In an email exchange with the times, al-Sabban said wealthy Western countries like the United States should help the Saudis with "economic diversification" by paying for oil they don't even use.

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“Assisting us as oil-exporting countries in achieving economic diversification is very crucial for us through foreign direct investments, technology transfer, insurance and funding,” Sabban said in an e-mail.

“It is a very serious trend that we need to follow and influence if we want to minimize its adverse impacts on our economies and our people,” Sabban said in another e-mail to OPEC officials. “That does not mean we would like to obstruct any progress or that we do not want to join any international agreement. We will do that if the deal is fair and equitable and does not transfer the burden to us.”

The Saudi position isn't new, but the shock over its position in the wake of record high oil prices and a global recession is.

Environmentalists say the idea is ludicrous.

“It is like the tobacco industry asking for compensation for lost revenues as a part of a settlement to address the health risks of smoking,” Jake Schmidt, the international climate policy director at the Natural Resources Defense Council, told the Times. “The worst of this racket is that they have held up progress on supporting adaptation funding for the most vulnerable for years because of this demand.”

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Story comments are below...
  • philedrifter
    Go fuck yourself, Abdullah. Why don't you spend some of your riches developing alternative technology?
  • schmice
    Other than your language, I agree.
  • douvie
    I think the Saudis are onto something. The more we pay for oil, the less of it we will use and the sooner we will be free of our addiction. We could start by adding a 20% tax right now and plow the money into AMERICAN alternatives, based in AMERICA, for AMERICANS.
  • edwards_com
    .President Carter told us what to do to get off fossil fuel in 1978. We would have been energy independent by 1988 like Brazil is NOW. Crater's plan would have hurt for a few years but NOW our addiction is killing us. We didn't like Carter we wanted Reagan's fairy tales like 'morning in America & supply side economics'. GOP 'credit card prosperity' created this DEPRESSION it is not a RECESSION.
  • damixaustex
    When gasoline was pushing $4.00, the SUV craze ended in a heartbeat. GM wasn't prepared. They didn't have enough fuel efficient cars ready for the market. Ford was, they already make them for Europe, just shifted production.
    Why? Was GM just stupid or did they have some knowledge or assurance that made them think fuel would remain cheap?
  • NotTimothyGeithner
    I was opposed to the Iraq War, but I think regime change in Saudi Arabia would have been a definite plus.
  • craigcummings
    Poor little rich bastard....he might not be able to afford his 40th mansion or his 203rd concubine if we reduce our oil consumption. Fucking disgusting! I can think of no better reason to not own a car and even reduce my use of public transportation. Un-fucking-real!
  • davidrvelasquez
    They've gotten too used unsurpassed wealth based on our oil addiction.
    This isn't a surprize. Last summer when market conditions should have forced a lowering of rates... the Saudis wanted to raise prices for "research and developement".

    The greed of those in control on this planet is out of control.
  • z1Patriot
    First, man-made global warming is a myth. Man did not create the earth and man cannot control it.

    Second, this sounds like more corporate welfare arguments. Why do we allow ourselves to become entangled in these foreign dalliances?

    Third, the U.S. is not a wealthy country. We produce very little that anyone wants. The high finance that got us here had to be "bailed out" (aka socialized). The U.S. dollar is soon to be relegated to second-class status.

    Lastly, the only way for the U.S. to survive is to VOTE ALL INCUMBANTS OUT OF OFFICE and start following the U.S. Constitution as written, AVOID foreign entanglements and start producing and manufacturing things of value. The U.S. federal government has become too large and over burdensome to the citizens who empower it.
  • wyrdless
    I agree with everything you have said except thaqt the US producesa lot of things which other countries value.

    Machine tools, airplanes, construction equipment; Basically really big and really complicated stuff is made here.

    Don't believe things just because they are repeated ad naseum, that's how we got into Iraq!
  • z1Patriot
    First, man-made global warming is a myth. Man did not create the earth and man cannot control it.

    Second, this sounds like more corporate welfare arguments. Why do we allow ourselves to become entangled in these foreign dalliances?

    Third, the U.S. is not a wealthy country. We produce very little that anyone wants. The high finance that got us here had to be "bailed out" (aka socialized). The U.S. dollar is soon to be relegated to second-class status.

    Lastly, the only way for the U.S. to survive is to VOTE ALL INCUMBANTS OUT OF OFFICE and start following the U.S. Constitution as written, AVOID foreign entanglements and start producing and manufacturing things of value. The U.S. federal government has become too large and over burdensome to the citizens who empower it.
  • Chingo
    "Third, the U.S. is not a wealthy country. We produce very little that anyone wants. The high finance that got us here had to be "bailed out" (aka socialized). The U.S. dollar is soon to be relegated to second-class status."

    Are you an idiot? The United States has more aerable land, untapped oil reserves, precious metals, and rare earth metals, not to mention capital market wealth both financed and owned than any state, country, or sovreign nation on this planet. What the hell are you smoking that makes you think you can come to these conclusions. keep hating on your country man, see where that gets us. pick up a god damn book or newspaper man you got a lot of catching up to do on global economics.
  • z1Patriot
    No Chingo I am not an idiot. Moreover, I do not hate my country. Nor am I worried about the globe, the UN, or the price of tea in China. I am concerned about the total disregard by our politicians for the U.S. economy. They, like you, seem to be enamored with Globalism. Apparently YOU have been reading newspapers and missing the facts which are usually buried deep with in the article or missing or incorrect with a retraction to come some time next week on page D12.

    I agree that the U.S. has potential to rediscover its former glory in the form of untapped reserves, arable land, ect. How about we drill for those reserves? Why is the U.S. govt hostile to small farms? Why do we need everything to be Wal-mart sized? Isn't the point of government to facilitate Life, Liberty and the pursuit of Happiness? The federal gov't is too big. They have over-reached their authority for more than 75 years. The individual states need to get off of the federal welfare program and step up to their Constitutional rights and responsibilities.

    As far as the Capital markets you speak of: isn't that what got us into the current mess? How much will the U.S. dollar denominated capital be worth when the dollar is worth zero? Zero times infinity still equals zero. The U.S. government cannot continue racking up these deficits whether it be Trade or Budget.
  • z1Patriot
    No Chingo I am not an idiot. Moreover, I do not hate my country. Nor am I worried about the globe, the UN, or the price of tea in China. I am concerned about the total disregard by our politicians for the U.S. economy. They, like you, seem to be enamored with Globalism. Apparently YOU have been reading newspapers and missing the facts which are usually buried deep with in the article or missing or incorrect with a retraction to come some time next week on page D12.

    I agree that the U.S. has potential to rediscover its former glory in the form of untapped reserves, arable land, ect. How about we drill for those reserves? Why is the U.S. govt hostile to small farms? Why do we need everything to be Wal-mart sized? Isn't the point of government to facilitate Life, Liberty and the pursuit of Happiness? The federal gov't is too big. They have over-reached their authority for more than 75 years. The individual states need to get off of the federal welfare program and step up to their Constitutional rights and responsibilities.

    As far as the Capital markets you speak of: isn't that what got us into the current mess? How much will the U.S. dollar denominated capital be worth when the dollar is worth zero? Zero times infinity still equals zero. The U.S. government cannot continue racking up these deficits whether it be Trade or Budget.
  • terrymo1
    I cannot believe there was not a single post concerning 9/11.
    It was fucking saudies,that flew the planes,that hit the twin towers!
    Saudies,not iraqies,not afgans,but saudies!And bush had all the high ranking saudies,flown out of the country within 24hrs,to protect them!I don't want their oil anymore then anyone else,but you can thank bush/cheney for not letting car companys make more efficient cars.
  • OldAtlantic
    Good point. This is why we need to draft 2 million men and deal with Saudis and Pakistan which was also part of 9/11 with UAE. And if you want to add the Bush family to the list its fine with me.
  • Chingo
    We'll have a missile defense shield in the UAE before we have a draft moron, they are on our side- you know the side with wealth and intelligence. You seem to be on the wrong side, perhaps you should go over now and wait for reinforcements
  • lookingdownscratchingmyhead
    Most of you posting on here seem a bit out of touch. Listen, you are the ones that got addicted to the cheap oil. You are the ones that failed to diversify when the writing has been on the wall for some time now. You are also the ones that pull this same kind of crap on weaker, more export focused economies around the world. Free market baby, free market. Is that not what most of you have, up until your own investments and house values tanked, proclaimed would be the saving grace of the rest of the world? Pay attention now, have any of you heard the old sating that "The chickens will come home to roost"? Well, cluck, cluck uncle sam (notice I used the lower case there?). The worst is yet to come, people. Just wait until the oil producing countries start using a new currency for oil trading, and the Chinese stop buying up your debt, or even worse, call in your debt to them....Oh my, things are going to get ugly. If you treat people with disrespect when you have power, when you lsoe that power they will, most of the time, remember who you really are. good luck.
  • Savantster
    .
    Except, the right-wing has been a huge driving factor in making us more dependant on oil.. "most of you posting on here" are more left-wing, and have been calling for a move away from oil for decades.

    How do you come to a left-leaning blog/news site that is against the very ideas that caused these problems, then say "we're" the problem?

    Perhaps you're projecting.
  • meltthesand
    What a bunch of assholes. They are some of the worst people in the world. Pull the troops from all other Middle East countries and take over the whole Arab Peninsula. Use all the oil profits to fund health care and all other American social programs. They traffic in slavery and terrorism. They've fucked us over long enough. Kill them all and take over the whole country. It's the only way to keep the rest of the Arab counties in line.
  • OldAtlantic
    Well said.
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