i believe you guys are looking at the wrong thing. Government main source of income is Petronas, and Petronas operates all around the world. the point is government cant fill their coffers with dwindling profit gain from Petronas. Net oil importer or exporter, the goverment is still in big trouble.

This post has been edited by backspace66: Feb 5 2015, 08:28 AM

that is not the issue, now by having saudi fully involved in this fight, this is just creating discontent among shiite population in middle east. they already have isis pushing their back at iraq and now saudi joining the fight againt the shiite rebel in yemen.

USA is a net oil importer. They dont export oil due to the export ban even when there is excess lying around. low oil price is always good for USA. You need to differentiate between US shale oil producer interest and the country interest. In the long run USA is the one that benefit the most from suppressed oil price.

This post has been edited by backspace66: Mar 27 2015, 07:59 PM

you better check your facts on how much actually USA depends on oil . The updated economic data for USA,GDP is mainly contributed by the service sector , around 80% for USA. so like i said, check your facts before spurting around nonsensical information

This post has been edited by backspace66: Mar 27 2015, 08:12 PM

you need to differentiate middle east countries like KSA compared to USA, they almost entirely depends on oil for their economy. Saudi dependency on the industrial sector( mining and extraction included) is almost 70% while us is just below 20%(for industrial sector which also includes manufacturing....)

top 5 countries with most GDP contributed by Oil in term of percentage of total GDP of each country;
1) Iraq
2) Congo
3) Saudi
4) Kuwait
5) Gabon

surprisingly, oil and gas sector only contributes less than 10% of our country GDP. united states just 1%, now you tell me what this 1 % means to US

This post has been edited by backspace66: Mar 27 2015, 08:30 PM

do you even read what i just wrote, like i said KSA is fully dependent on oil , but not US, this is based on published economic figures. maybe you can google check it out yourself.

So if we do not depend on official published figures, then i guess we have to depend on your wild guess then

allowed to export ultra light oil as more us refineries is already exceeding capacity to refine this. shale oil is not condensate. the fact is still oil and gas make up 1 percent of US gdp. That is based on published figures, not anyone opinion or wild gueses

This post has been edited by backspace66: Mar 28 2015, 07:53 AM

I suggest u do your math
http://www.eia.gov/dnav/pet/pet_crd_crpdn_adc_mbbl_a.htm

Only around 3 billion bbl of crude produced. Lol. even at 200 usd/ bbl , it is merely 600 billion usd, not much in term of percentage yeah? But they also import crude oil.
Us gdp is around 19 to 20 trillion USD. I do agree in absolute value, the amount seems large, but still too low considering the total gdp of USA. Maybe you can start applying your common sense on this buddy

This post has been edited by backspace66: Mar 29 2015, 08:27 AM

Edited

This post has been edited by backspace66: Mar 29 2015, 08:26 AM