Saudi Arabia Panics Amid U.S. Oil Glut:
"An old rumor started up again this week, but was largely overshadowed by the mammoth gas deal between China and Russia.
This time it came from Saudi Arabia…
On Monday Bloomberg reported that Saudi Arabia’s ambitious $109 billion solar energy plans have been taken over by Saudi Aramco, the state-run oil company who's estimated value runs as high as $10 trillion.
Now, I say it's an “old” rumor mostly because this story has been covered by news outlets and bloggers for a few years. Fact is, the Saudis' have been anxiously looking for a way to increase oil exports, and transitioning a large portion of their grid to solar would be a welcome relief to their soaring oil consumption.
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'via Blog this'
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