Saudi Arabia’s Oil? Sovereign Responsibility Trumps Sovereign Rights!

…The oil under Saudi Arabia’s suzerainty is being made available to the world at large virtually without consideration as to need nor equity. Not only that, but Saudi Arabia breached their fiduciary trust and has delivered this vast and important resource into the grip of the larcenous OPEC cartel in order to extort the maximum possible lucre irrespective of the enormous economic distortion it creates, wresting the means to build Palaces and Yachts from the backs of the miserably poor in the Asian subcontinent, Africa, and throughout the world. Riches attained by adding no real value other than the serendipity of finding themselves with ‘Sovereign Rights’ over one of the world’s key economic engines.

Thus steeped in riches beyond the wildest dream of Croesus, not by dint of entrepreneurship nor inventiveness adding no significant economic benefit to global growth other than simply pumping the oil. An entire nation of otherwise highly competent people has found itself anesthetized by oil wealth and government boondoggles. And not to be overlooked, the sinister billions upon billions being funneled to teaching facilities and prayer halls throughout the world preaching or rationalizing irredentist extremism with its resulting social, political and economic disequilibrium.

In today’s world Sovereign Rights can no longer go unchallenged if it does not entail Sovereign Responsibility (think Sudan) and Saudi Arabia has used its patrimony to simply enrich itself by being party not to free and open markets but to a willful distortion of price and supply, a total affront to the rules of the World Trade Organization that flatly bans conspiracies to rig markets prohibiting its members from setting quantitative restrictions on imports and exports.

Saudi Arabia’s custodianship is further placed into question by her cavalier dismissal and irresponsible stonewalling of all calls to candidly share with the world, who are its customers no less, information on production and reserves enabling the world’s economies to rationally plan their future energy determinants. Saudi Arabia is generally understood to have crude oil reserves of 264 billion barrels according to the U.S. Energy Information Administration. Yet, in an unguarded moment in December of 2004, Saudi Minister of Petroleum and Natural Resources, the same Ali al-Naimi, volunteered that this amount could readily be increased by another 200 billion barrels. There are others, especially proponents of Peak Oil theorizing, who question these figures and find them high.

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