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More non-Arab suppliers is one side. The other is that these petro-states today have much larger populations, with much higher expectations, than they did in th
by iguy 6y ago
More non-Arab suppliers is one side. The other is that these petro-states today have much larger populations, with much higher expectations, than they did in the 70s. Saudi oil is still cheap to pump, but instead of 6M people, they now have 33M, who each spend 20x what they did, and aren't on the whole accustomed to working for it.