Tag Archives: OPEC

Saudi King Wants to Goose Oil Prices

The King of Saudi Arabia doesn’t like seeing the price of oil dropping like crazy. “We believe the fair price for oil is $75 a barrel,” he said. OPEC will figure out how to stick it to us with much, much higher oil prices when that organization meets Dec. 17 in Algeria.

Funny, I don’t recall an outcry for $75 dollars a barrel oil when it cost $147 a barrel in July.

According to the AP, “On Friday, the U.S. benchmark West Texas Intermediate crude for January delivery was trading at about $54 per barrel.”

Of course, I look forward to the day when our cars do not run on oil. You know me, I say take the bus, train, wind surf, walk, hang glide, anything other than the car.

But until we stop mainlining oil, plunging gas prices serve as a type of accidental economic stimulus the Bush administration and Congress can’t pass to save our lives.