Saudi Arabia To Hold Meeting On Soaring Oil Prices

Saudi Arabia To Hold Meeting On Soaring Oil Prices

www.huffingtonpost.com

Saudi Arabia will call for a summit between oil producing countries and consumer states to discuss soaring energy prices, Information and Culture Minister Iyad Madani said Monday.

"There is no justification for the current rise in prices"

Energy experts say most producers have little ability to expand output. The exception is Saudi Arabia, which is producing about 9.4 million barrels a day and has the ability to increase production by about 2 million barrels a day, but has not done so.

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Good news for the world, that is if they can convince OPEC to do something, or if they increase their production themselves.

Regardless i am happy to hear that something may be done, I don't think i will being driving as much again, but at least it will help food prices and prevent massive starvation and suffering.

www.huffingtonpost.com
(visit the link for the full news article)

The only way this is truly going to help is if they flood the market with oil and force the price to plummet. After we've seen footage of the George Sorroses of the world flinging themselves out of skyscraper windows and plunging to their deaths because they've lost it all, we'll know these speculators are no longer among us artificially soaring the commodity prices and we can breathe a collective sigh of relief.