Saudi Slow Down

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saudi_arabia

Written By: Mike Straub

Will we run out of oil? Yes. When will that day come? That’s up for debate… but when Saudi Arabia starts conserving oil, a massive red flag emerges stating world oil production is slowing down.

Late last month, former Saudi Intelligence chief and ambassador to the US, Prince Turki Al-Faisal said, “To maintain current oil export levels while at the same time fulfilling its growing domestic energy needs, the government is investing heavily in solar technology.”

After you pick your jaw up off the floor, remember Saudi Arabia exports more oil than any other country and is widely considered to have more oil reserves than any country outside of Russia. Because of this, the Saudi kingdom has no shortage of money – and those fortunes are built on the massive oil reserves (or so we thought).

What’s Next?
Solar is just the beginning for the region and the Prince says his country will drop a fortune on other non-fossil fuel energy sources.

“[Saudi Arabia] will spend more than $100 billion to build at least 16 nuclear power plants across the kingdom.”

A Middle Eastern country, with billions upon billions saved up in oil money wants to go nuclear with a plan that calls for those 16 plants to be operating by 2030. These are actions that speak for themselves; even the most oil-rich countries in the world are making moves to cut their dependency on fossil fuels.

Now can you imagine how much the Saudis will charge for their dwindling reserves? Scary. The only thing the world can do is push for renewables. It’s safe to say nuclear is an energy source that has its own laundry list of potential dangers.

Go Renewable
Clean, renewable, base-load forms of electricity are the answer. Ocean Thermal Energy Conversion is part of that class. It runs on the temperature difference in ocean water to create emission-free power. It can truly make a dent in the fossil fuel dependency of millions of people around the world living in tropical regions, and save their budgets before Saudi Arabia and other major oil producers launch their prices into the stratosphere.

We are running out of oil, and according the moves of Saudi Arabia, that day is closer than most people realize. Will we be ready? Join The On Project and push for clean renewables today.