Dear Sixty Minutes Staff,
What the hell is this?
"Saudi Arabia is pulling all the levers and spending billions to keep the oil age going."
Really? What's your evidence? The fact that they SAY they are spending billions? And apparently, Saudi Arabia's investment determines whether the oil age keeps "going." Doesn't that say something about Non-OPEC production?
"If the oil minister of Saudi Arabia had one message, it was that there is no need for those fears."
And this is surprising HOW? Trust me, Saudi Arabia won't EVER announce that they're running out of oil. IF they did, we might move to develop the ALTERNATIVE ENERGY strategies that could destroy the oligopoly that has made them so much money.
"Jum'ah says that with this technology, they're able to recover ten times more oil than before."
Perhaps. But when is "before"? Are you talking about increasing the rate of extraction of recoverable oil (great, we'll have more oil now and less later)? How much does this new technology increase costs?
And then Saudi Arabia argues that alternative energy isn't "ready for prime time." What WOULD they say?
"Please, don't invest in our nation's energy resources. They are vastly inferior to renewable technologies. Don't give us money. Please."
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