Right on cue

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When I spotted this CBC story about the Saudi oil minister calling on OPEC to raise oil production and thereby lower prices, I was going to make a point. Then I stumbled on the following blog entry and realized I don't have to.

Saudis Keep Oil Promise to Bush

Saudi officials came out Monday to announce a push to convince OPEC to raise production in its upcoming June meeting. This announcement is a complete 180 degree change in tone from Saudi Arabia who fought to lower production over the past year. Raising the daily production limit of oil will result in an ease in gas prices over the coming months. Oil is currently at a 13-year high.

In a recently released book by Bob Woodward, he disclosed an informal agreement between Saudi Prince Bandar Bin Sultan and President Bush to lower gas prices before the upcoming election.

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It looks as if we're the only two people in the world paying attention. The minute I read the article this morning it was obvious to me what was going on. If this is a quid pro qou, I would be interested in finding out what Bush's obligation may be.

It doesn't seem to be getting any comment anywhere else. Or not yet anyway. Maybe one of my other three readers will pick it up.

I imagine the quid pro quo is somewhere in the dealings of the Carlyle Group. I believe the Saudis are invested pretty heavily.

Low interest rates are strongly in the Saudi's interest as well - they are heavily invested in US bank stocks - which have been making a mint on their spread plus free Fed money.

I'm not convinced - yet. It's awfully late to be doing something about oil prices, since the main effects of oil prices on the economy take a while to work their way through the system. It might make a difference at the pumps, which people will appreciate, but it's too late for the economy to benefit from this in time for the election. That doesn't mean that there was no deal - just that the Saudis can't have kept up their end, or that the deal really sucked.

Actually gas is more expensive than ever in the USA - and here in Canada.

And Bandar denied Bob Woodward's claim. I saw it on TV. It doesn't look like the Bush administration is too worried about Woodward's book. They are advertising it on their Bush/Cheney website.

You see, the Bush administration READ the book. The leftwing media didn't - at first. Haven't you noticed how quickly the "scandal" died out as soon as they took the time to read his book? I noticed it.

Of course it's more expensive now. OPEC would have to increase production first before the prices go down.


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