Hidden Nook
"Because in Cyberspace, no one can hear you scream."
Tuesday, May 03, 2005
Saudi Arabia Unhappy With Oil Prices
[Media Source*]
In an exclusive interview with Reuters, Saudi foreign Affairs Adviser Adel Al-Jubier said that Saudi Arabia was unhappy with oil trading at $50 a barrel.
He said that oil at that high a price could impact economic growth and while not naming a level he said that oil trading near $40 a barrel does not impact the economy.
Perhaps President Bush's "personal greeting" is paying off--especially at the pump. Lower Gas prices means lower costs on just about everything (food, businesses, travel, etc.) since most industries rely on gas on some way or another. The Saudi official does say that the U.S. needs to build more "refineries" and that could be a reason to the shortage of oil in the states, (something doubtful) but was assuring that lowering the price from the $50 plus range to $40 would not affect the Saudi economy and could help the world as it enters the summer season.
Heads Up: "Source*" link is Reuters video which is a bit "slippery." Will post "full" text transcript below, but if you go to the main page just look for Saudi's Unhappy With $50 Oil and you will be able to watch it.
"Full" text transcript from Reuters Video:
In an exclusive interview with Reuters, Saudi foreign Affairs Adviser Adel Al-Jubier said that Saudi Arabia was unhappy with oil trading at $50 a barrel.
He said that oil at that high a price could impact economic growth and while not naming a level he said that oil trading near $40 a barrel does not impact the economy.
As for whether Americans can hope for relief at the gas pump for Saudi Arabia, he said that the Kingdom was doing all that it could to increase production, as well as pledging a $50 billion investment in increasing refining capabilities.
Finally he said that Saudi Arabian investment, the U.S. particularly private investment, is likely to increase over the coming months and year.
This will be something to look towards as the summer days heat up. Actions rather than words will be evaluated however, and hopefully the Saudi's who are a "quasi-ally" of the states will honor their intentions.
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By Darnell Clayton ⢠10:30 PM ⢠Email Post ⢠â¢
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