The Saudis actually WALKED OUT of OPEC on the 11th?

[lildreamer316]

This report says OPEC is all but over now.
I checked LBN, but it was not reported in this way. What kind of effect does this have?

http://blogs.moneycentral.msn.com/topstocks/archive/2008/09/11/the-death-of-opec.aspx


'Saudi Arabia walked out on OPEC yesterday, saying it would not honor the cartel's production cut. It was tired of rants from Hugo Chavez of Venezuela and the well-dressed oil minister from Iran.

As the world's largest crude exporter, the kingdom in the desert took its ball and went home.

As the Saudis left the building, the message was shockingly clear. “Saudi Arabia will meet the market’s demand,” a senior OPEC delegate told the New York Times. “We will see what the market requires and we will not leave a customer without oil." '

more at link....

[fasttense]

1. Now wasn't it the "free trade" idiots who were saying when countries trade

together they are not likely to start wars?

Yeah, but using a commodity to attack another country is A OK.

"Cold weather later this year could put pressure on prices. So could a decision by Russia that it wants to "punish" the U.S. and European Union for a time. That political battle is only at its beginning."

This is why America needs to control its supplies and commodities and NOT sell them off to foreign countries.

But I think the Saudis were told by the bushes to open the spigots because America was about to vote and low gas prices makes for republicon happy voters. But it seems that Hugo and Russia don't want to play that game. They have their own little games they want to play.

[LiberalFighter]

4. Problem is that the USA does not own or control the oil. The companies do.

And the companies are not all American owned.

How much of the oil comes from American lands that is sold overseas?

[aquart]

2. Holy shit.

Is it remotely possible that Bush did one single thing right in 8 years? He sucked up to the Saudis?

[leveymg]

3. This is all street theater by the Saudis intended to placate their allies in Washington

The Saudis are the primary movers is the escalation of energy prices that triggered the American economic meltdown.

With friends like these . . .