This site has moved!

You should be automatically redirected in 6 seconds. If not, visit
and update your bookmarks.

Saturday, June 21, 2008

Saudis Think Gas Too Expensive

Yes, they're really worried over in Saudi Arabia that gas prices in America have gotten so high that people will actually start cutting back and economizing their fuel. How little they understand the American consumer. However, it's nice to know that cheaper prices may be on the way, but you don't get nothin' for free. From CNN:

Saudi Arabia this weekend will convene a special summit on oil prices that could lead to cheaper crude on the world market.

But a Saudi decision to produce more crude likely won't come without a demand: The Kingdom is expected to press the U.S. government to impose greater controls on oil trading and take steps to strengthen the dollar.

The Saudis are widely believed to be concerned that escalating oil prices - crude hovered around $134 a barrel Thursday, nearly double what it cost a year ago - will cause a permanent drop in demand as consumers get more efficient or, worse, the global economy slows.

One sign of the Saudi anxiety: The country's oil production decisions, usually left to its oil minister, appear to have been put back in the hands the Royal Family, according to Antoine Halff, deputy head of research at brokerage firm Newedge.

I guess Hillary was right. (Did I just say that?) I guess they are a cartel whose very whims on prices put us at their mercy. Let's hope the Royal Family steps in and pushes down those prices.

Sphere: Related Content
blog comments powered by Disqus