Saudi workers have been given a pay bonus by their new king, but unless oil prices rebound the country will find itself eating into its US$750 billion sovereign nest egg. EPA/Ali Haider

Black oil, red budgets: how long can Gulf states endure low prices?

In his first royal decree, Saudi Arabia’s newly crowned King Salman announced two-month bonuses for state employees, pensioners, students, and recipients of social service programs (that is, everyone in…
Gas guzzled: OPEC’s 1973 oil embargo threw America into crisis and underlined the political power of energy. David Falconer/Wikimedia Commons

Four decades later, has America finally got over the oil crisis?

The Australian Financial Review recently trumpeted America’s “re-emergence as a world oil power”. It is an accomplishment four decades in the making and its success is still under debate. Energy security…

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