Just
read this article about an attack on a Saudi oil refinery that went like something out of a James Blond film, and wouldn't have had any comment except for the staggering money involved. Here's the quick news summary:
ABQAIQ, Saudi Arabia -- Suicide bombers in explosives-packed cars attacked the world's largest oil processing facility Friday but were stopped outside the gates when guards opened fire, detonating their vehicles, officials said.
Guards began shooting when two cars tried to drive into the heavily protected facility in eastern Saudi Arabia, Interior Ministry spokesman Lt. Gen. Mansour al-Turki told The Associated Press. Both vehicles exploded outside the first of three fences around the sprawling complex. The attackers were killed and two guards were critically wounded, al-Turki said.
...
The attack occurred around 3 p.m. local time, several hours after weekly prayers on a day off for Saudis. The facility operates around the clock, seven days a week.
A Saudi journalist who arrived at the scene soon after an explosion said guards exchanged fire for two hours with two militants outside the facility. He also told The Associated Press that he saw workers repairing a pipeline. He spoke on condition of anonymity because of the sensitivity of the situation.
That's all well and good, but here's the part of the article that blew my mind.
The kingdom maintains crude oil production capacity of up to about 11 million barrels a day. The Abqaiq facility processes up to about 7 million barrels a day, 93 percent of which is loaded onto tankers for export.
You do that math in your head? This one facility handles about 2/3 of Saudi Arabia's oil production, which means 7m barrels a day. As the article says, crude is going for $62.50 a barrel right now, so that's... $437,500,000. A day! If the attackers had suceeded in shutting down this place, it would have cost Saudi Arabia over three billion dollars a week. Honestly, can you even conceive of that sort of money? And imagine when oil's $100 a barrel in a year or two, after Bush hypes us into invading Iran?
I also like the fact that crude went up $2 today based on the news of this unsuccessful attack. Figure they spent $100k on repair expenses, guard overtime, bullet costs, etc. That leaves them with a handy $13,900,000 profit for the day's work. I'm not suggesting an inside job, but damn, if you ran this place, wouldn't you think about hiring some losers to launch inept attcks, with that sort of guaranteed profit margin?
Labels: oil
