CNN Market Place Middle East

SHOW #37

FACE TIME - U.S. Treasury Secretary Henry Paulson

This week, MME sits down with U.S. Treasury Secretary Henry Paulson. Fresh off a trip to the Middle East, Secretary Paulson talks with MME about America’s openness to Middle Eastern investment, the status of the dollar as the world’s reserve currency, and the run-up in crude oil futures on the global market.

IN FOCUS – Oil Rig Shortage

The Middle East is a region full of oil but in short supply of the equipment to increase its offshore pumping capacity. With oil prices at record highs, many countries in the region are struggling with the non-availability of rigs. Gulf countries are now renting rigs at a cost of $190,000 per day and above, and manufacturing companies can’t build them fast enough. To purchase a rig, the price tag is as much as $500mn. MME investigates the causes behind the shortage of rigs in the Gulf.