Saudi Arabia Facing a Double-Barreled Gun

A rich kingdom's problems from falling revenues and rising threats

The two F-15 fighters thundered down the runway of King Abdul Aziz Air Base and rose steeply into the skies above the gulf. The flashy maneuver, conducted last week for visiting American Vice President George Bush, displayed the impressive might of a Saudi Arabian air force that has been largely trained and equipped by the U.S. Yet the show of strength was also a reminder of the dangers that confront Saudi Arabia, a fabulously wealthy kingdom that sits atop the largest proven oil reserves on earth. Faced with plunging revenues at home and increasingly ominous military threats abroad, the Saudis are...

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