Sunday, June 22, 2008

Saudi Arabia Increasing Oil Production

After constant pressure from President Bush Saudi Arabia has finally agreed to raise the production of oil to the world market. The Saudi oil ministry still believes the high market prices is not due to supply and demand but more to market manipulation and they may have a point.

The threat of America (70% of Americans including environmentalist) considering to open our shores up to offshore drilling and becoming less dependent on foreign oil has more to do with the Saudi decision than anything else. If the market isn't being manipulated by unscrupulous million/billionaire characters like Democracy Alliance members, how can we expect the oil market to respond? In the next few weeks you would expect the price of oil to start a free fall, if it is only a question of supply and demand.

It is not in the best interest of the Democrats and Sen Obama to see the price of oil drop resulting in a drop in the price of gas. They believe if Americans continue to be hurt with an ever increasing price per gallon of gas, Obama has a very good chance of winning this fall. With 60% of Obama contributors being some of the wealthiest Americans, the Democrats may have a point.

No comments:

Post a Comment