Saudi ruler offers $36bn to stave off uprising amid warning oil price could double

Saudi ruler offers $36bn to stave off uprising amid warning oil price could double The king of Saudi Arabia last night announced $36bn (£22bn) of extra benefits for his people in an attempt to stop the wave of Arab uprisings spreading to the world’s biggest oil exporter, as experts warned Brent crude could hit $220 a barrel. By Ambrose Evans-Pritchard 6:42AM GMT 24 Feb 2011 King Abdullah’s support package offers to give 18m lower and middle-income Saudi’s inflation-busting pay rises, unemployment benefits and affordable housing. The cash-rich Saudi government pledged to spend a total of $400bn by the end of...