[Peakoil] The Washington Post: Saudi Arabia is reeling from falling oil prices. And it could get much worse.

[Antony Broughton Barry]

Saudi Arabia is reeling from falling oil prices. And it could get much worse.
The Washington Post

By Hugh Naylor | February 25 at 7:36 PM RIYADH, Saudi Arabia — Stung by falling oil prices, Saudi Arabia has cut spending and subsidies as part of harsh austerity measures that threaten the lavish welfare programs underpinning its stability. The oil-exporting giant’s economy has gone from producing windfalls to deficits, and Saudi rulers increasingly struggle to provide the cushy government jobs, expensive state handouts and tax-free living that have long bought them domestic obedience. The Read the full story


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