Sheiks Go On Super Car Spending Spree Thanks to Oil Profits

Oil isn’t just bad for the environment; it has also becoming an economic liability, at least in America. But over in the Middle East, sheikhs flush with profits from the gas run-up are going on a super car spending spree.

I cannot deny the amazing power that a gallon of gasoline holds. Nor can I deny that for a long time, oil provided an economic boon to our country, which has come to depend on it for pretty much everything. That iPhone you use, the organic salad you eat, and even the hand-sheared-and-knitted cardigan you’re wearing right now relied, in some way, on oil.

But who exactly is oil profiting? Not a majority of Americans, not at a time when gas prices hover around $4 a gallon, pushing the cost of every other associated good like food and toilet paper even higher. Meanwhile oil companies, foreign and domestic, continue to rake in the cash (though Congress refuses to repeal any of the multi-billion dollar tax breaks these companies get.)

Over in the Middle East, those countries not rocked by un-fed and fed-up populations are experiencing a luxury car buying spree. Sales of premium cars are already up 20%, and by 2015 sales are expected to double, just as gas prices are expected to go up another 30%. Buyers in countries like the U.A.E.  may have to wait up to 7-months for their Porsche 911, and Maserati is planning to open a dealership in Iran. Rolls Royce sales are up as well, thanks in large part to this desert spending spree.

There are also the over-the-top modifications to cars that already cost hundreds of thousands of dollars. Cars like the all-chrome one-of-five Bugatti Veyron Pur Sang (pictured above) have been sold out to these sheikhs. Yeah, we’ve got plenty of customized super cars here in America too, so I guess it is a bit hypocritical for me to piss on their super car parade. But certain Saudi Princes have been talking about keeping oil prices low, to kill the development of alternative fuels.  Oh, and all of these countries are repressive regimes with strong anti-American rhetoric, terrible human rights records, so on and so forth. So I guess they are just a bunch of rich assholes trying to compensate for what Allah didn’t bless them with by buying super cars, even as their own people starve.

But for all the hate they show America and freedom, they sure do love American money. I say the less money we send their way, the better off America will be.

Source: Bloomberg News

Chris DeMorro is a writer and gearhead who loves all things automotive, from hybrids to HEMIs. You can read about his slow descent into madness at Sublime Burnout or follow his non-nonsensical ramblings on Twitter @harshcougar.

 

 

Christopher DeMorro

A writer and gearhead who loves all things automotive, from hybrids to HEMIs, can be found wrenching or writing- or else, he's running, because he's one of those crazy people who gets enjoyment from running insane distances.