Saudi Arabia Seeks to Rein in Oil Prices
from ABC News: International
Saudi Arabia seeks a meeting of oil-producing countries to rein in oil prices.
I will stand with others online and suggest that we'll see $50 oil yet this year. That doesn't mean oil will never go back up, or even top $200 at some point, but this irrational exuberrance is out of line with market realities.
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I agree Steve. Gas is averaging $4 a gallon-- but it's already closer to $5 a gallon than $4 a gallon. It'll be past $5 a gallon before Obama is inaugurated (although I hope not). And it is neither supply, nor demand. It's unregulated Enron-style price manipulation and mass theft (or turkey-plucking) by robber barons afraid that the good times may soon end. How long ago was Bush startled when a reporter asked him about $4 a gallon gas? "That's interesting," he told the nation. "I hadn't heard that." What country does he live in? How can we expect these Republicans to fix anything when they don't even know anything is broken? Click here to watch bozo on YouTube.
The Saudis certainly know the price of gas has gone through the roof. And you know what they think? They think the price is unjustifiable and, unlike Bush, they want to do something about it. I think that's great! The Saudis are well aware that the price of gasoline is being manipulated by unregulated (and barely taxed) commodities speculators, one of the mainstays of the Bush Economic Miracle that has worked to turn so much of America into a basket case.
I'll stop now before this becomes a blog post, lol. Thanks for the heads up, Steve.
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