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Saudi King named most powerful person in energy by Forbes

Saudi Arabia's king Abdullah bi n Abdulaziz has been named ahead of US President Barack Obama as the world's most powerful person in terms of influence on the world's energy supply chain in a list compiled by business magazine Forbes.

world Updated: Nov 15, 2009 11:51 IST

Saudi Arabia's king Abdullah bi n Abdulaziz has been named ahead of US President Barack Obama as the world's most powerful person in terms of influence on the world's energy supply chain in a list compiled by business magazine Forbes.

The US magazine, which made a list of seven most powerful people, said, there power "is measured not just in petro-dollars, but in the ability to change -- for better or worse -- the fundamental nature of the energy supply chain."

Forbes said, when oil prices dipped down to USD 40 a barrel, Saudi Arabia was vocal in its call for USD 75 oil--meaning the 12 OPEC (Organization of Petroleum Exporting Countries) nations would agree to limit production forcing the prices of oil to that level. During October, oil was back at USD 80 a barrel.

"No other individual in the petro-world has the influence of King Abdullah and his oil ministers," it said.

About Obama, who is ranked second on the list, the magazine said "he can end 40 years of increasing dependence on foreign oil by putting his stamp of approval on the New Alternative Transportation to Give Americans Solutions Act (or NAT GAS Act)."

The NAT GAS Act promotes the use of natural gas powered vehicles through a combination of tax credits and by requiring the federal government to dramatically increase the size of its natural gas powered fleet.