What is going to happen to the economy of the oil producing countries, now that the price of oil is going down?

And when there are new sources of energy? How would these countries survive? What do you think will happen to them politically?What is going to happen to the economy of the oil producing countries, now that the price of oil is going down?
In the words of the immortal Marie Antoinette:








';Let them eat sand!';








Okay, okay, maybe just the OPEC members.What is going to happen to the economy of the oil producing countries, now that the price of oil is going down?
The fact that it costs them very little to pump the crude oil means that, no matter what they charge per barrel, it's still called profit. As they also control the cost per barrel, the question as to how it will effect them is without meaning. The lowering of the price per barrel is just a ploy to attempt to get the user nations to slow down their searching for alternate forms of energy, thereby keeping them dependent for a bit longer. When there alternative sources of energy in more wide spread use, then they will need to re-think 'putting all of their eggs in one basket'. Politically speaking, that is any body's guess.
Some are already hurting... that is why they reduced their production to try and inflate the price... some are losing more than others however because they each set their countries budget according to what the price of a barrel of crude oil was going to sell for... some countries had that price set higher than others... Some will be ok and others not so much... however, they will just have to make adjustments to their budget and where they recieve their income...





I highly doubt that oil will stay this low for very long... once the economy starts to strengthen the price of crude oil will also go up...
well this has been going on since the nixon days. they raise oil, we say lets drill for our own, then the price of oil drops and its cheaper to buy overseas then produce local... then prices go up again and we start looking for our own oil, and it goes on and on. so you might notice that every time we say, ';drill baby drill'; and the president talks about ANWR and other places oil drops because speculators are expecting more supply,





trust me, oil is going right back up very soon because obama don't believe in drilling and well be lucky to see $10 a gallon at the pump., because we can't drive our suv's and heat our homes as much as we want. obama forgot to mention the rest of the world gets 50+mpg from there Diesel cars that we made illegal to sell here. i would sure like a jaguar xk that can get 50mpg or even a Volkswagen Diesel that gets 80mpg and its not even hybrid.





obama = hypocrite
I sincerely will not lose any sleep over the wealth of oil producing countries.





Even if WE stopped buying it tomorrow, China and Russia,and other countries will be all too happy to snap it all up at reduced prices.





I don't see any Arab countries, crying anytime soon. They all have more money than God.






they are so astronomically rich that the effects will be minimal,as for the future the U.S.being the most innovative country in the world just beginning to take baby steps towards an oil independent future its too far ahead for me to speculate
Frankly IAAW, I Don't Give a Damn~!!!

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