Monday, May 30, 2011

Saudi's want lower oil prices to keep US dependent, but speculators still fear unrest threat

Saudi Prince Al-Waleed bin Talal told Fareed Zakaria Sunday on Fareed’s Global Public Square program that Saudi Arabia wants oil prices to drop a bit so that the US remains dependent on Saudi oil welfare.

On the other hand, the fear of possible instability even in Saudi Arabia, despite denials, could lead speculators to drive up the price of oil further, so that gasoline averages $5 a gallon by mid July, CNN said this morning, Memorial Day. And speculation by Wall Street on commodities is still entirely legal.

Neil MacFarquhar has a major article about containing unrest in Saudi Arabia in the New York Times May 27, with an impressive picture from a skyscraper of downtown Riyadh – sort of like a city on another planet, link here.

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