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Were there to be unrest in Saudi Arabia like we've seen in Egypt, Yemen, Libya, Algeria and other Middle Eastern countries, the price of oil could easily reach $200/barrel, throwing the world economy into a tailspin. Says David Wyss, Chief Economist at Standard & Poor's:

It depends on what happens in the Middle East. I don't think Libya would put it that high but if anything happens in Saudi Arabia, or if Iran cuts off the Strait of Hormuz we could easily be talking $200 not just $148. You've see some unrest in Iran too, they have cracked down extremely hard and they're not worried about killing off their citizens like some of the others are. I don't think it will spread but you can not be sure. You can't be sure of anything right now. You are even seeing unrest in China. Question is just how far does it spread. It is already happening in Bahrain, if it starts spreading to the Qatar or the Emeritus or obviously Saudi Arabia than it gets very scary. If this gets to the Persian Gulf you could easily be talking about $200 oil.

Now Saudi Arabia is facing the same pressures as it's neighbor, Bahrain, with this news out today:

More than 100 leading Saudi academics and activists are calling on the oil-rich country's monarch to enact sweeping reforms, including setting up a constitutional monarchy, as mass protests that have engulfed other Arab nations lapped at Saudi Arabia's shores.

The statement seen on several Saudi websites Sunday reflects the undercurrent of tension that has simmered for years in the world's largest oil producer. While King Abdullah is seen as a reformer, the pace of those reforms has been slow as Saudi officials balance the need to push the country forward with the perennial pressure from hard-line clergy in the conservative nation.

"The current situation ... is full of reasons for concern," said the statement, which is signed by 119 academics, activists and businessmen. "We are seeing ... a receding of Saudi Arabia's prominent regional role for which our nation was known and the .... prevalence of corruption and nepotism, the exacerbation of factionalism and a widening in the gap between state and society."

The article goes on:

The statement called for the establishment of a constitutional monarchy and the election of members of the advisory assembly known as the Shura Council.

It calls for immediate action to set a timeline for the reforms, release political prisoners, lift the travel ban on activists or intellectuals who have run afoul of the monarchy and allow unfettered freedom of expression.

The call comes about a week after a Facebook page appeared and issued similar demands. The page, which is calling for protests on March 11th ("Day of Rage"), has shot up in popularity in the span of several days -- going from about 400 people to more than 27,000.

You can read all about the despotic "Kingdom" of Saudi Arabia at this Wikipedia page.

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