--- Yep. The House of Saud is going to break with OPEC before the summer is over.
There was no ``quid pro quo,'' Prince Bandar bin Sultan told
reporters after a meeting with national security adviser
Condoleezza Rice about the latest terrorist strike in Saudi Arabia.
``The president has asked a few times that we should be helping to make
sure that oil prices don't go too high that would curb the world
economy recovery,'' Bandar added.
Here's the clincher.
Bandar said the Saudi efforts are ``not for the benefit of the
president's political needs. I think reasonable prices particularly
lower oil prices between $22 and $28 is good for the American people,
for the American economy, for the world economy and of course for the Saudi economy.''
{Emphasis added by moi.} Glug, glug, glug go the gas tanks as the
Saudis turn up the production nozzles and glut the market, making a
profit on the oil, but also making a pretty penny on selling short
their oil options (I think that's how that works---don't quote me on
that.). At $22 bucks a barrel, well, hello $.99 a gallon!