Nearly 20 years ago, an oil-and-gas financier named Matt Simmons warned that Saudi Arabia was running out of oil. His book Twilight in the Desert was a sensation in 2005, when the Kingdom of Saudi Arabia was producing 9.5 million barrels a day of crude oil. He was wrong: Last year the kingdom was producing 10.6 million barrels a day. So Saudi Arabia’s plan to diversify is not driven by scarcity.
Tamanrasset, an Algerian city of nearly 100,000 inhabitants in the heart of the immense Sahara Desert, seems like it’s far from everything when observed on a map. Located around 2,000 kilometers (some 1,200 miles) from the capital, Algiers, Tamanrasset is connected to the rest of the world mainly by the trans-Saharan road that crosses the largest desert in the world, from northern Algeria to Niger and beyond to the south. Food is transported mainly by road and sometimes by plane. But what about another resource that is indispensable: electricity?
GE announced second-quarter 2014 operating earnings of $3.9 billion, with operating earnings per share of $0.39, up 8% from the second quarter of 2013.
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