Quote:
Originally Posted by New Era
WTF are YOU talking about??? Since when does the POTUS direct another sovereign country too change their policy? The North American companies arestill raking in profits hand over fist, so they aren't do so bad. Also, crude oil is a commodity and traded on futures. What the Saudis have done is to recognize that the product they are sitting on is a depreciating asset. As economies around the world shift to other forms of energy their crude oil reserves will less valuable in the long term. What they have elected to do is take their money now, at a loss, than roll the dice their product will hold that value down stream. Every government on the planet knows we have to get the hell off oil and the Saudis are dumping the product while they can.
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the bolded part's not true right now. Surprised you'd think so actually.