Saudis Walk Out of OPEC

MSN Money ^

[r9etb]

I never suspect the “dark side” until I'm broadsided, flat on my back looking skyward. ;-)

Well, actually, I think we're a lot alike in that. Having learned the art at FR (sometimes in spite of FReepers' best efforts) I do just fine spotting it from a distance. I'm very dismal at spotting it when it occurs close to my face, though.

[b4its2late]

I agree but would love to see it around $60.

[gaggs]

They may be scared of Sarah but they also may be thinking that the moratorium on offshore drilling will expire on September 30th. Tick Tock... Tick Tock!

[yazoo]

Let’s not pretend this is some sort of “we love the oil consumers” move. They know from their 1970’s cut that if they drive consumption down with high prices we will start producing more and the price will go down further.

[gogogodzilla]

Or perhaps the Saudi’s remember how badly they were hurt after the oil crises from the 1970s...

[BlueNgold]

It’s Bush’s fault!

Oh wait - this is good news.

It can’t have anything to do with his economic diplomacy efforts on this very topic can it? I mean, he’s just a dumb hillbilly with no friends in the world.

[Desdemona]

Great news. I wonder if there's not something else going on. The Saudis aren't going to make a dumb business move like hack off their best customer who just happens to have a whole lot of fire power and lots of untapped oil reserves.

Although, not liking Hugo Chavez - nothing wrong with that.

[BlackVeil]

and the well-dressed oil minister from Iran ...

Very elegant race, the Iranians. But the Saudis can't stand them, and that, with the US alliance puts the Arab/Persian thing up again.

[redgolum]

So there is a rift in Opec. Dangerous situation, Russia can project more power into OPEC now.