Here is why the Saudis love Obama. They know full well that alternative energy will not be on the markets tomorrow. Obama plays the environmentalist card to avoid drilling for oil offshore in Alaska. Which is a bad idea, America will now be the only 3rd world country without an oil export.
Here are two reasons why we should have drilled in Alaska. One, the U.S. uses more oil than any other country in the world. Because of the monopolization of autos, thanks to GM... (there's a "conspiracy theory" blaming GM for the lack of any cohesive intercity mass transit network, other than Amtrak.
Yes, both India and China have over a billion people each. America has only approximately 300 million people in it. They will both be increasing the demand for oil regardless of how little they consume.
Now here's the kicker. Government Motors, or GM just sold it's Hummer division to China. No they're not selling Hummers to China, they're selling that part of their business. Had we sold just the Hummers, we would've been in GREAT business. Asians are not known for their wonderful driving abilities. I'm part Asian so no it's not racist for me to say that. But there's a good possibility that out of a billion Chinese, people will be replacing their cars due to damages. Or at least parts.
This is a huge opportunity cost for Corporate America.
On top of that, Hummers consume A LOT of gas. It's not necessarily your 35 mpg gas efficient sudan. No siree. Now a billion Chinese are going to be exposed to and some will be driving gas guzzlers! A miracle would need to occur if China or even India starts driving solar powered vehicles before the cost of gas explodes. They could own the world if they came up with such an invention.
So now that the dollar has lost even more in value compared to the Dubai currency and it will raise prices in US Dollars on top of demand.
Great going Obama! Way to hurt Americans in a bad enough economy.