October 27, 2015
NO REPRESENTATION WITHOUT TAXATION:
Cheap oil forces Saudi Arabia to consider cutting gas subsidies (Mark Thompson and John Defterios, 10/27/15, CNNMoneyy)
Drivers in Saudi Arabia get massive discounts on gas, paying less than 10% of average prices in Europe, according to the International Energy Agency.But that perk costs the Saudi government enormous amounts each year.A report by the International Monetary Fund last year estimated that Saudi Arabia spends about 10% of GDP -- roughly $60 billion -- subsidizing gasoline, diesel, electricity and natural gas.A Saudi government source confirmed reports that domestic energy prices could rise.
Posted by Orrin Judd at October 27, 2015 5:19 PM
Tweet