Amid oil boom, 11% inflation makes Saudis feel poorer

[w¡n9Nµ7 §£@¥€r 123]

While Saudis don't feel the pain at the pump, they feel it everywhere else, paying more at grocery stores and restaurants and for rent and construction material. While the country is getting richer selling oil at prices that climbed to a record $145 per barrel last week, inflation has reached almost 11 percent, breaking double-digits for the first time since the late 1970s.

"Gas prices are low here, so what?" said Muhammad Abdullah, a 60-year-old retiree. "What can I do with gas? Drink it? Take it with me to the supermarket?"

...

Moreover, Saudis are grappling with unemployment — estimated at 30 percent among young people aged 16 to 26.

...

Economists say the main source of inflation is higher domestic demand for apartments, office space and food — at a time when world prices for food and raw materials is rising. A statement issued last week by the Economy and Planning Ministry said the rental index, which includes rents, fuel and water, has soared 18.5 percent, while food and beverage costs have increased by 15 percent.

Saudi inflation is also exacerbated by the weak dollar, because the riyal is pegged to the U.S. currency, increasing the cost of imports — and the kingdom imports most of its essential goods.

http://news.yahoo.com/s/ap/20080708/ap_on_...re_s_the_wealth

[zqt3344 21]

I hope they choke on that oil and die!

While Saudis don't feel the pain at the pump, they feel it everywhere else, paying more at grocery stores and restaurants and for rent and construction material. While the country is getting richer selling oil at prices that climbed to a record $145 per barrel last week, inflation has reached almost 11 percent, breaking double-digits for the first time since the late 1970s.

"Gas prices are low here, so what?" said Muhammad Abdullah, a 60-year-old retiree. "What can I do with gas? Drink it? Take it with me to the supermarket?"

...

Moreover, Saudis are grappling with unemployment — estimated at 30 percent among young people aged 16 to 26.

...

Economists say the main source of inflation is higher domestic demand for apartments, office space and food — at a time when world prices for food and raw materials is rising. A statement issued last week by the Economy and Planning Ministry said the rental index, which includes rents, fuel and water, has soared 18.5 percent, while food and beverage costs have increased by 15 percent.

Saudi inflation is also exacerbated by the weak dollar, because the riyal is pegged to the U.S. currency, increasing the cost of imports — and the kingdom imports most of its essential goods.

http://news.yahoo.com/s/ap/20080708/ap_on_...re_s_the_wealth

[w¡n9Nµ7 §£@¥€r 123]

I hope they choke on that oil and die!

That's a horribly insensitive thing to say.

Apologize at once!

[dalegg 143]

I hope they choke on that oil and die!

That's a horribly insensitive thing to say.

Apologize at once!

Well the one guy did make the suggestion that he could drink it.

[w¡n9Nµ7 §£@¥€r 123]

The Saudis can choke on their oil and the Iranians can all die slowly due to cancer from all those cigarettes.

McCain ... was asked about the number of exports going to Iran, specifically the increase in cigarette exports.

McCain looked surprised at that fact and in a line somewhat reminiscent of his "bomb, bomb, bomb, Iran" comment last year said, "Maybe that's a way of killing them." Then he followed it up quickly noting that it was a joke.

http://blogs.abcnews.com/politicalradar/20...n-maybe-ci.html

[Sassy1natl 0]

That's it!! Off to timeout you go!

[zqt3344 21]

The Saudis can choke on their oil and the Iranians can all die slowly due to cancer from all those cigarettes.

McCain ... was asked about the number of exports going to Iran, specifically the increase in cigarette exports.

McCain looked surprised at that fact and in a line somewhat reminiscent of his "bomb, bomb, bomb, Iran" comment last year said, "Maybe that's a way of killing them." Then he followed it up quickly noting that it was a joke.

http://blogs.abcnews.com/politicalradar/20...n-maybe-ci.html

[Saddle Bronc 124]

Simple explanation: the country's economy is set up in such a way that the royal family (Saudi Arabia is the only country named after its misruling family) gets first cut and then leaves a pittance for the all-but-35,000 non-royal Saudis; and they also get to decide how much of any revenue increase they pocket (which can exceed cent-percent, as none is permitted to raise this issue).

[eric&gen 0]

Fuke the Saudis and there oil we need to get off our azz and drill our own so we don't have to rely on other countries and get riped off at the pump every time we fill up.

[almaty 19]

brother eric, usa does not have enough oil to drill..the reserves are limited

[Saddle Bronc 124]

brother eric, usa does not have enough oil to drill..the reserves are limited

You forgot about NAFTA, Dean

Canada has over 7x the oil of the entire Muddle East--in Alberta's tarsands (Union County, SD already signed a refinery approval to process such--I wish others). As bonuses:

• large reserves of world's cleanest coal
• second largest (Australia is #1) reserves of Uranium--and developper of the heavy-water technology, so enrichment won't be needed (meaning--build nuclear of heavy-water design in US, and let Canada supply the yellowcake)

[w¡n9Nµ7 §£@¥€r 123]

yellow cake, mmmmm.

[Hilarious Clinton 452]

brother eric, usa does not have enough oil to drill..the reserves are limited

You forgot about NAFTA, Dean

Canada has over 7x the oil of the entire Muddle East--in Alberta's tarsands (Union County, SD already signed a refinery approval to process such--I wish others). As bonuses:

• large reserves of world's cleanest coal
• second largest (Australia is #1) reserves of Uranium--and developper of the heavy-water technology, so enrichment won't be needed (meaning--build nuclear of heavy-water design in US, and let Canada supply the yellowcake)

Gooooo Canada!!!!!

[w¡n9Nµ7 §£@¥€r 123]

All of a sudden, Canada is our new best friend

[zqt3344 21]

what have you been smoking? do you realize how much natural gas reserves and propane the USA has along with shale, coal and oil reserves? I know for a fact the USA has all it needs but it is barred from exploration or drilling by the liberal wacko tree huggers!

brother eric, usa does not have enough oil to drill..the reserves are limited