Glenn Beck on Tuesday said the Western world should be on "high alert" amid declining oil prices, which he said could lead to instability and unrest in the United States and Russia.
"It's good for your wallet, but it will not be good for the rest of the world. It will not be good for us in the long run," Beck warned on his radio program. "Saudi Arabia has said that they are going to put the price of oil down to about $40 a barrel. That's bad for Saudi Arabia. ... But they think it's better because they're putting fracking out of business here in America ... also because it will collapse the former Soviet Union."
Beck said many Americans don't realize how important fracking has been to keeping America's economy afloat, because the media doesn't report on it.
"It is fracking that saved America from the Great Depression. We're in the Great Recession, but not in the Great Depression. And it's because of fracking," Beck said. "Texas is responsible for [nearly] 50 percent of all jobs that have been created since the recession began. 50 percent! You knock out Texas, and you have decimated the United States of America."
Beck said what's happening in Russia is also "critically important," and Saudi Arabia's push to reduce oil prices is likely targeted at Russia. Undercutting America's fracking capabilities is just an added bonus.
"We are on, perhaps, the verge of a global war over oil. What's happening in Saudi Arabia, and I don't have an answer, but something is not right," Beck said. "They're collapsing the price of oil. My guess is, they're trying to punish Russia for the nuclear stuff in Iran, and they're also coming after us in fracking. But we're a second banana."
Beck said Russian President Vladimir Putin is an "uber nationalist," and he is frightened by how Putin will respond to being threatened.
"The central bank [of Russia] yesterday panicked and raised interest rates to stabilize the ruble. Remember, Russia has been through this before, where their ruble was worth toilet paper. They don't want to go there again," Beck said. "Today they are lined up in front of foreign exchange kiosks and in front of the banks ... and they're getting out of the ruble. It's why Putin, last month, was talking about outlawing the U.S. dollar."
Beck said Putin's comments were perceived at the time to be anti-American rhetoric, but Beck said Putin is actually "trapping his people in the ruble" because he knows they will try to get out.
"This is the thing -- these are exactly the kinds of seeds that have been sprinkled before," Beck said. "And that lead to global war."
Beck said he will be investigating the issue more after the holidays.
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