Did Graphene batteries drive Saudi Arabia’s big announcement? (Update)
04/26/16 Once graphene batteries (ultracapacitors) hit the market, it will be the death of Lithium-Ion batteries and the death of fossil fuel burning internal combustion engines. When cars are no longer burning fossil fuel, there will be no one in the world to buy oil and any oil not pumped out of the ground by then will remain in the ground forever.
If you are an oil company, or a country that relies on oil to generate income, alarm bells have to be going off in your head that say, "heh, if I don't pump this oil now and get whatever I can get for it, a day will come when I will have no one to buy it. I had better invest in other ways of making money or I will eventually be out of business.
It appears Saudi Arabia has heard those alarm bells.
Saudi Arabia has finally revealed what life after oil may look like.
The world's top oil exporter and Middle East power on Monday unveiled an ambitious plan to diversify and become one of the 15 biggest economies in the world.
Presenting "Saudi Arabia's vision for 2030," deputy crown prince Mohammed bin Salman said the kingdom's huge oil wealth was now holding the country back.
"We have a state of addiction in the Saudi Arabian kingdom, by everyone, and that's dangerous. That is what held up many sectors from developing in the past years," he told Al Arabiya television in an interview.
Under his plan, Saudi Arabia wants to boost non oil revenues sixfold to $266 billion by 2030, sell part of national oil company Aramco on the stock market, and create a $1.9 trillion public fund to invest at home and abroad.