World News and Trends: Saudi oil and U.S. dependency

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Saudi oil and U.S. dependency

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The recent death of King Fahd of Saudi Arabia created some concern from those nations that are dependent on Saudi oil. A top Saudi diplomat reassured all oil-dependent countries that the Saudis would pump oil "to the best of our capability, with a reasonable price" (CNN, Aug. 2).

"Saudi Arabia holds a quarter of the world's known oil supplies, and crude futures set a new record of $61.57 a barrel after news of Fahd's death. 'I would like to reassure you of our government's pledge to continue King Fahd's legacy of providing the world with a stable and secure source of energy,' Rihab Massoud, the Saudi charge d'affaires in Washington, told reporters" (ibid.).

On March 24, 30 prominent Americans wrote a letter to President George W. Bush about an impending oil crisis. Former National Security Adviser Robert McFarlane, former CIA Director James Woolsey, former Assistant Secretary of Defense Frank Gaffney and others, including 12 retired generals and admirals, five former secretaries of defense and several retired senators and representatives signed the letter.

Oil is critical for the future of the Western world. Yet the Middle East, rich with that lifeblood of the world's economy, is a boiling stew of conflict of almost every kind. Bible prophecy tells us that it will eventually boil over, igniting a horrendous end-time conflagration that will bring the human race to the verge of extinction.

The only thing that will spare us, in fact, is Jesus Christ's return to earth to save us from ourselves (Matthew 24:21-22). If you'd like to learn more, request or download our free booklet The Middle East in Bible Prophecy. (Source: CNN.)