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Top Saudi says kingdom has plenty of oil
According to Saudi Arabia's top foreign policy advisor, Adel al-Jubeir, the country has more oil than the world could ever need: "The world is more likely to run out of uses for oil than Saudi Arabia is going to run out of oil." The Saudis also have the capability to use crude oil for other purposes -- including gasoline -- before it ships it overseas. This news contradicts the theory of some commentators who speculate that the Saudis aren't being entirely forthcoming about their oil reserves and that they may actually have much less than they say. But, according to al-Jubeir, the Saudis have a massive proven inventory of 261 billion barrels, with 100 billion more potentially available through new exploration and extraction technology. He also contends that the problem with US gasoline is that the US doesn't refine much of it, hence the higher prices. It's true that the US has not built a new refinery since the 1970s and is unlikely to build one soon. As al-Jubeir states: "If we send more oil to the United States and you can't refine it, it's not going to become gasoline."

posted by Hal 8:08 AM