Saudis to turn on the pump


It has finally occurred to the Saudis that the world knows that they and their friends in OPEC are the cause of high oil prices.They like the money too much.

There have been theories that hedging and a weak dollar should take some of the blame for crude prices. But, the hedge people are being investigated by the federal authorities. That keeps them out of the market. And, the dollar is going up.

But, the price of oil is not coming down.

The princes of Saudi Arabia admitted that they are part of the problem without coming right out and saying it. According to The New York Times, the kingdom will export an extra 500,000 barrels a day. "The move was seen as a sign that the Saudis are becoming increasingly nervous about both the political and economic effect of high oil prices," the paper writes.

While their greed may have gotten the better of them, the Saudis would still like to have one or two friends around the world. It would be wise to have the U.S. on that list.

Douglas A. McIntyre is an editor at 247wallst.com.

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