Will March 11th Bring “Day of Rage” in Saudi Arabia?
Posted by Larry Doyle on March 10, 2011 9:14 PM |
Tunisia, Egypt, Libya. What nation is next on the hit parade of social unrest in the Middle East? Could it be the oil exporting nation of Saudi Arabia? What would civil unrest in that nation mean to the price of oil and oil-related products worldwide? How high might the price of gas rise in our nation?
The uncertainty in our equity markets recently is clearly heavily influenced by the turmoil in Libya, but we should keep our eyes focused squarely on Saudi Arabia. Friday March 11th has been designated a “Day of Rage” in the nation where social protests are outlawed. What might happen? What is driving the unsettledness in Saudi Arabia? For a detailed backdrop on what is troubling the people of Saudi Arabia, let’s review a recent Bloomberg interview with Mai Yamani,………
Dr. Mai Yamani was born in Cairo in 1956 to an Iraqi mother from Mosul and a Hijazi father from Mecca. Her paternal grandfathers came from Yemen. Her early education included schooling in Baghdad, Jeddah, and Lausanne. She started her career as a university lecturer in Saudi Arabia and moved on to become a scholar at leading international think tanks in the U.S., Europe, and the Middle East. Dr. Yamani is an established commentator on Muslim and Arab politics, in particular on Saudi Arabia. She has frequently been asked to testify before the U.S. Senate and the British House of Commons, and has also briefed Britain’s judiciary on the topic of Islam. In addition to her academic and media work, she has acted as a consultant to international banks, oil companies and other foreign governments. (click on the line, Watch on YouTube)
What impact might a break in oil supply from Saudi Arabia have on our nation and the world as a whole? Let’s review from where the United States imports oil. To do so, let’s check the U.S. Energy Information Administration:
The top five sources of US crude oil imports for December were Canada (2,064 thousand barrels per day), Mexico (1,223 thousand barrels per day), Saudi Arabia (1,076 thousand barrels per day), Nigeria (1,024 thousand barrels per day), and Venezuela (825 thousand barrels per day).
What does it all mean? From the European debt crisis, to the housing and labor problems here in the United States, to the civil unrest spreading throughout the Middle East, to soaring costs of related commodities (food and energy), the world remains filled with risks.
Navigate accordingly . . . and while you do so, watch Saudi Arabia very closely. That nation is a game changer if civil unrest gains a foothold.
UPDATE: The Mail Online writes of Saudi Arabia today,
Saudi Arabian security forces have flooded the streets of the capital Riyadah, and other major cities, to pre-empt a ‘Day of Rage’ and the possibility of any copycat protests which have pockmarked the Middle East and North Africa, and led to two regimes being toppled.
Additionally, the Mail Online provides this video clip. Check out these armored vehicles.
I have no affiliation or business interest with any entity referenced in this commentary. The opinions expressed are my own. I am a proponent of real transparency within our markets so that investor confidence and investor protection can be achieved.
This entry was posted on Thursday, March 10th, 2011 at 9:14 PM and is filed under General, oil, Saudi Arabia. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.