Word: saudi
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King Abdullah just summoned everybody to Saudi Arabia to sort out the whole oil business, and the first humiliation for the U.S. is that we came running. Then again, this is old news. For 35 years, since the first oil crisis, we've been treating OPEC, and especially the Saudis, like friendly members of the Society of Important Countries rather than the criminal conspiracy they are. The second humiliation is that the meeting didn't work. The small gratuity offered by the Saudis of a modest increase in pumping had virtually no effect on the price of oil, which remained...
...would have screamed with pain, then started adjusting. Demand would have gone down, and today gas would probably be selling for less than the $4 per gal. we're paying. Not only that, but $1.50 of that price would be staying here in the U.S. instead of going to Saudi Arabia or Venezuela or Bahrain...
...crude output could lower gas prices "much more rapidly" than the decade or more often cited. What's more, Crist believes that "just the mere discussion of more domestic oil production" is making a difference. "Look at the effect it's already having," he says, "in the sense that Saudi Arabia is saying they want to produce more barrels a day" to lower prices and curtail any drastic drop in U.S. demand...
...goal is to bring back stability to the oil market.' IBRAHIM AL-MUHANNA, adviser at the Petroleum Ministry of Saudi Arabia, after officials announced plans to increase output to a record 10 million...
...mainly come from rich-world governments - should cover operations for 2008. By late March, rising food prices meant those same operations were going to cost an extra $500 million; by the end of April, the estimated shortfall was $755 million. Donations have trickled in and, to fill the gap, Saudi Arabia pitched in a windfall $500 million in late May. But if prices stay high - and agriculture experts believe they will - WFP will need to raise those extra hundreds of millions, year after year, just to maintain services at their 2007 level. Yet the organization faces new demands from people...