Saudi Envoy Tells AP Oil Should Drop $20

[ECH1969]

The price of oil will probably drop and then stabilize about $20 a barrel lower than it is now, Saudi Arabia's foreign minister said Thursday

Saud also commented on the political situation in the Middle East, questioning whether the Bush administration's efforts in Iraq will yield a stable, unified nation.

He ruled out diplomatic contacts by his own nation with Israel in the short term, putting him at odds with other Arab and Muslim countries that have reached out to the Israelis following the historic exit of settlers and troops from the Gaza Strip.

He said Saudi Arabia had warned the Bush administration before the Iraq war and since about long-term practical problems with its approach to occupation and rebuilding.

http://www.sfgate.com/cgi-bin/article.cgi?f=/n/a/2005/09/22/national/w153046D08.DTL

[KoKo]

1. That's wonderful news....I'm so glad Bush is my President.

If Clintoon was there...we would get nuthin... Bush's friendship with the Saudi's is what keeps America Safe! I knew they would come through for us. Thank GOD AWMIGHTY! and ALLAH, TOO!

:sarcasm:

[Turbineguy]

2. They are probably right

$20 per barrel is the neo-crazy tax. Once Bush and his gang of merry men is gone, oil can fall, because supplies will be more stable. Fewer countries will feel threatened.

[niallmac]

3. And this prediction is based on what exactly?

Is the mythical 'spigot' that is only turned half on going to be open full bore?
Is China going to put it's industrial revolution on hold while WalMart just sells home spun?
If he can say that then I can say; Soon we will control gravity and energy will be free. I say so.

[BlueJac]

4. So what.......

the profits will be already made.

[Maple]

5. This would of course be after

many other nations, like Venezuela and Canada, chipped in...and nothing whatever to do with the Saudis...but certainly the Saudis will take sole credit for it.

[The_Casual_Observer]

6. Stabilize at $50 a barrel? Wow that's a bargain!

[NEOBuckeye]

7. Fat chance. The Saudi Oil Fields are at their Breaking Point.

If they could pump more, they would've been there by now.

They've peaked. And we are about to enter "FUBAR Time".