Saudis: Now we really want your money

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Saudi Arabia is demanding that oil-producing nations receive financial assistance if a new climate pact designed to replace the Kyoto Protocol calls for substantial reductions in the use of oil and natural gas, Jerome Corsi's Red Alert reports.

The country is waging a quiet war against climate alarmists who want to use the upcoming global summit in Copenhagen to impose further restrictions on the use of hydrocarbon fuels. The Saudis estimate they stand to lose $19 billion a year under a new Copenhagen climate pact.

They're trying to refute a report issued by the International Energy Agency that argued OPEC revenues would still increase $23 trillion between 2008 and 2030, a fourfold increase compared to the period between 1985 and 2007, under a new climate pact.

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"Many politicians in the Western world think these climate change negotiations and the new agreement will provide them with a golden opportunity to reduce their dependence on imported oil," Saudi oil delegate Mohammad Al Sabban told the Associated Press.

Obama wages war on oil while China buys

"The question remains whether the United States under President Obama will embrace a Copenhagen climate pact in direct contrast to President George W. Bush's adamant refusal to accept the Kyoto Protocol," Corsi wrote.

Red Alert has reported that while the Obama administration appears ready to wage a war on energy by removing tax subsidies from oil and natural gas, China is quietly using its financial muscle to buy up oil and natural gas rights around the world.

Over the last few years, China has invested heavily in Iran's oil and natural gas infrastructure, forming an alliance with the Islamic republic that is unlikely to be upset by any United States push for increased sanctions designed to curb Iran's nuclear weapons ambitions.

Iran, the world's fourth-largest crude oil exporter, currently supplies China with 15 percent of China's oil imports, according to CNN, while state-run Chinese oil companies have deals worth more than $100 billion with Iran.

Meanwhile, China is flush with more than $2 trillion in foreign-exchange reserves, the most any nation has held in the history of international trade, obtained largely as a result of the United States' large and continuing negative balance of trade incurred as a result of buying cheap Chinese-manufactured goods in the U.S. retail market.

Armed with these resources, China has made a series of investments in oil and natural gas worldwide:

• Chinese state-owned oil companies are in talks with Nigeria to buy large stakes in some of the world's richest oil blocks, aiming to acquire 6 billion barrels of oil, equivalent to one in every six barrels of proven reserves in Nigeria, sub-Saharan Africa's largest crude oil producer and a major supplier to the United States, according to the Financial Times.

• China Investment Corp. announced that it invested nearly $1 billion in Kazakhstan's second-largest oil producer, following an agreement by China National Petroleum Corporation in April to take over a major Kazakhstan natural gas producer in a deal which involved a $5 billion loan, according to Dow Jones Market Watch.

• At the end of August, state-controlled PetroChina bought a 60 percent stake in two Canadian oil sands projects in a deal valued at $1.7 billion, according to Petroleum Economist.

At the same time, the Obama administration's ban on the offshore drilling approved at the end of the Bush administration expired on Sept. 21, without any action taken by Interior Secretary Ken Salazar.

Red Alert's author, whose books "The Obama Nation" and "Unfit for Command" have topped the New York Times best-sellers list, received his Ph.D. from Harvard University in political science in 1972. For nearly 25 years, beginning in 1981, he worked with banks throughout the U.S. and around the world to develop financial services marketing companies to assist banks in establishing broker/dealers and insurance subsidiaries to provide financial planning products and services to their retail customers. In this career, Corsi developed three different third-party financial services marketing firms that reached gross sales levels of $1 billion in annuities and equal volume in mutual funds. In 1999, he began developing Internet-based financial marketing firms, also adapted to work in conjunction with banks.

In his 25-year financial services career, Corsi has been a noted financial services speaker and writer, publishing three books and numerous articles in professional financial services journals and magazines.

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