Saudis, Emirates push nuclear power plans
snip
The Saudis have built a foreign assets cushion of around $500 billion from oil exports. It has used this immense wealth to buy its way out of trouble; for instance, heading off pro-democracy protests with massive social spending in recent years.
But, the Middle East Economic Digest observed, "a more serious set of challenges now faces the kingdom that threaten to be even more destabilizing.
"Inefficient and wasteful energy consumption, coupled with a rising population, is leading the kingdom to burn even more of its natural resources at home rather than selling them abroad and adding to the proceeds of the half-trillion-dollar cash pile.
"Unless action is taken, the kingdom could find it needs the oil price to be $320 a barrel by 2030 just to balance the budget," the weekly, published in the United Arab Emirates, warned.
Nuclear power is seen as the solution. But, as MEED stressed, "time is of the essence."
http://www.upi.com/Business_News/Energy-Resources/2012/07/26/Saudis-Emirates-push-nuclear-power-plans/UPI-96201343332843/?spt=hs&or=er
Friday, 3 August 2012
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