While everyone was drooling over Steve Jobs' new bastard of technological bliss something interesting happened in the world.
President Bush got dissed by the Saudis.
Not only dissed, but politely laughed out of the Arabian Peninsula. Here is the reason why you should care. Paying nearly 30 dollars for my silly 10 gallon tank (i'm sure 60 dollars for some people) is serious business. And the Saudis don't care. In fact they're response to Bush's plea for increasing production was
"Saudi Arabia’s oil minister, Ali al-Naimi, appeared to rebuff the president’s appeal, though he did so gently. “We will raise production when the market justifies it,” he said at a press conference after Mr. Bush’s remarks."(source, NY Times)
Read in they're not raising prodction now because they are comfortable with 3 dollar a gallon gas.
From first hand knowledge I know that gas is 29 baht/litre which comes out to around $3.70 per gallon so we aren't even seeing the worst of it.
1 comment:
You are so right on the Saudis and oil.
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