mperry's Blog

A simple question should be asked about the price of crude oil. Why is Saudi Arabia the only one asking what is going on with the oil prices? Here is an excerpt taken from http://www.onenewsnow.com/Headlines/Default.aspx?id=13
2060

 RIYADH, Saudi Arabia - Saudi Arabia will call for a summit between oil producing countries and consumer states to discuss soaring energy prices, Information and Culture Minister Iyad Madani said Monday.

The kingdom will also work with OPEC to "guarantee the availability of oil supplies now and in the future," the minister said following the weekly Cabinet meeting, held in the seaport city of Jiddah.

Madani said that the kingdom has informed "all oil companies it deals with as well as countries that consume oil that (the kingdom) is ready to provide them with any additional oil they need."

 "The Saudi Cabinet has instructed Oil Minister Ali al-Naimi to call for a meeting in the near future that will include representatives of oil-producing countries, consumers and companies that work in extracting, exporting and selling oil to look into the price hike, its causes and how to deal with it," said Madani.

The Saudi announcement comes just three days after the biggest single-day price leap ever, when oil surged more than $11 to surpass $139 per barrel.

Retail gas prices rose further above $4 Monday in the United States, the world's largest oil consumer, following the unprecedented price rally.

The kingdom will work to ensure there will be no "unwarranted and unnatural oil price hikes that could affect international economies, especially those of developing countries," said Madani.

"There is no justification for the current rise in prices," he said.

If there is no justification for the oil prices, why hasnt Congress done anything about the American People being financially raped by the "Big Oil Companies". There needs to be a Congressional Inquiry into the price gauging. It is time for the excuses to stop. It is also a complete shame that Saudi Arabia has been the first to publicly say that there is no reason for the current rise in prices.

Thanks

Mike