Thursday, February 23, 2012

WikiLeaks: Saudis often warned U.S. about oil speculators

McClatchy News:

WASHINGTON — When oil prices hit a record $147 a barrel in July 2008, the Bush administration leaned on Saudi Arabia to pump more crude in hopes that a flood of new crude would drive the price down. The Saudis complied, but not before warning that oil already was plentiful and that Wall Street speculation, not a shortage of oil, was driving up prices.
Read more here: http://www.mcclatchydc.com/2011/05/25/114759/wikileaks-saudis-often-warned.html#storylink=omni_popular#storylink=cpy

9 comments:

  1. I've always contended the excuses given for high gas prices are crap.

    It's been my belief for many years that oil speculators are THE MAIN REASON consumers get jerked around like a puppet.

    They should be held accountable for tanking our economy every time they go on a greed binge!
    Everyone talks...but no one does anything.

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