Oil is now squarely in the $60 range and Saudi ministers state that they are aiming for $75 dollar oil. Didn’t they say that a $50 price target would be fine with them? Profits can blind important people. (Click here)
Meanwhile, since oil has crashed, haven’t you noticed that oil producing nations (Russia, Venezuela, Iran) have been quiet? A trend that could turn and heighten geo-political tensions over the course of 2008 and 2009.