Saudi Economy Booms as America Free-Falls into Energy Crisis
Biden does not have much leverage over the Saudis
on 1st July 2022 @ 6.00pm
Outside the still-dominant oil industry, the Saudi economy grew by 3.7 percentSaudi Arabia’s General Authority for Statistics (GASTAT) boasted a booming ten-percent growth in their oil industry as the American energy industry faces massive price hikes.
The Saudi economy will, of course, complicate President Biden’s efforts to wheedle or cajole more oil out of the Saudis during his visit in July.
Biden does not have much leverage over the Saudis, and they will see no good reason to bring oil prices down by increasing output.
Outside the still-dominant oil industry, the Saudi economy grew by 3.7 percent.
But Biden’s policies have pushed America to the edge of a recession, and possibly over the edgeBut Biden’s policies have pushed America to the edge of a recession, and possibly over the edge.
As many Biden critics have argued, the crisis is no accident and is being fueled by a so-called transition to greener energy.
But as America slides, Saudi Arabia is on the accent.
Notebly, Saudi unemployment is still high by U.S. standards due to a very low workforce participation rate.
The topline unemployment rate conceals a huge disparity between men (unemployment rate 5.1 percent) and women (20.2 percent.)
The Saudi’s progress on women in the workforce in March was applauded by the World Bank.
The bank credited them with “unprecedented progress in joining the labor market” thanks to reforms implemented under Saudi Vision 2030.