Tuesday, June 10, 2008

Relief At The Pump?

Are my eyes and ears deceiving me? Is it possible that in the near future we will get some relief from the ever rising price of gas? The Associated Press (AP) reports that "Saudi Arabia says it will call for a meeting of oil producing countries and consumers to discuss soaring oil prices and work to prevent unjustified rise in prices". Wow, what caused the big Saudi turn around? Some behind the seen negotiations in the wake of President Bush's recent trip to the oil producing nation perhaps? I suppose that the why does not really matter, what does matter is whether or not these meetings proposed by the Saudi's, will help to stem the rising price of oil. The Saudi's say that the current price of oil is unjustified and that they will work with OPEC to "guarantee the availability of oil supplies now and in the future." That sounds like some pretty firm Saudi declarations, however one must question their intentions to a degree. After all, the higher the price of oil, the more they profit.

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