Written by paolostaisabel
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Topics: Oil, Saudi Arabia

Sunday, 3 February 2008

image for Oil Scarcity in Saudi Arabia

SAUDI ARABIA - Geologists reported that oil reservoir of Saudi Arabia is growing in scarcity. Last week, geologists reported that Saudi's oil decreased by 25%, greatly damaging Saudi's oil trades. Just yesterday the scarcity dropped to 30% percent, which cause prejudice to 20% of Saudi's oil trades. Saudi's trade minister already reported that Saudi Arabia already lost almost $1 billion due to oil scarcity spreading in all the land areas of Saudi Arabia.

King Abdullah of Saudi Arabia already announced a price hike for oil, in which there will be a 20% increase on all oil prices to cover for the oil scarcity.

Oil is the number one business of Saudi Arabia, once the oil is gone, Saudi's great economy will also be gone with it.

Scientists can still not explain anything about the oil scarcity that is happening in Saudi Arabia but the scientists explained that maybe this is most likely to be a strange phenomenon in which the oil in the oil reservoirs slowly transforms into carbon dioxide, and if true, might cause disastrous effects since that it will contribute to global warming.

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