From watching the video, it's quite obvious that President Obama did bow to the king of Saudi Arabia. The White House tried to play it off as he was simply bending over to take the king's hands.
Whatever.
King Abdullah is not an oompa-loompa, so that type of "bend" would be unnecessary.
So, he bowed, Let's get over it.
Showing posts with label Saudi Arabia. Show all posts
Showing posts with label Saudi Arabia. Show all posts
Sunday, April 12, 2009
Sunday, June 22, 2008
Saudis betting on oil futures?
The Saudi government (i.e., the King) has decided to increase crude oil production by 700,000 barrels per day, starting in July (9.7 million barrels per day total).
At an average of $120/barrel, the Saudi government will bring in an additional $84 million/day. I am not convinced that the sudden generosity of the Saudis, and their concern for the world oil consumer, is completely benign. I suppose one could also look at it at as an 8% increase in their daily production. Perhaps, it will offset the price of refined petroleum products, especially in United States' volatile gasoline market.
At an average of $120/barrel, the Saudi government will bring in an additional $84 million/day. I am not convinced that the sudden generosity of the Saudis, and their concern for the world oil consumer, is completely benign. I suppose one could also look at it at as an 8% increase in their daily production. Perhaps, it will offset the price of refined petroleum products, especially in United States' volatile gasoline market.
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