From the NY Times
, Messers (Mother of) Pearle and (Drum the) Frum have this to say:
"Saudi Arabia provides about 10 percent of the 80 million barrels of oil the world burns every day, and earns about $63 billion a year. If we were to cut our oil consumption by some heroic amount, say 10 percent, it would be a drop in the barrel. Assuming everything else remained equal, the Saudis would still take in $57 billion a year. That can pay for a lot more of the extremist ideology they have been buying."
Ok. Any economist out there want to take issue with this? As for me, i would probably say something like: "Baby, i love you, i really do... believe me, but one thing: when we talk about economic stuff, we are interested in the MARGINAL effects, OK? SO, cutting income by 10% would be quite--how to say this--devastating. Have you tried doing that lately? Tell me what happens? By the way: As for the statistics/calculations you use, i have NO idea if they are legit... after all, since oil is an inelastically demanded good, wouldn't cutting demand for it lead to a sizeable fall in revenue? Are you taking that into account? "
Only the Shadow knows...