December 2005

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HPIn Europe: Spare a thought for the oil-rich this Christmas

TIM LLOYD WRIGHT, EUROPEAN EDITOR    Comments? Write: editorial@HydrocarbonProcessing.com Join me at this festive time in sparing a thought for ..

Wright, Tim L., Hydrocarbon Processing Staff

TIM LLOYD WRIGHT, EUROPEAN EDITOR    Comments? Write: editorial@HydrocarbonProcessing.com Join me at this festive time in sparing a thought for the fantastically wealthy. We all know that the principal raw material of the hydrocarbon processing industry can be produced upstream for a matter of a few dollars per barrel. Meanwhile, this year, we've seen the oil price in real terms match the highs of the 1970s. Oil export revenues in Saudi Arabia, for example, are expected to be $75 billion higher this year than in 2003, boosting Saudi GDP by more than 40%, according to the US Energy Information Administration.

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