[blwall1416]

It looks like the Saudis are saying the high oil prices are "unjustified"...




I think Dr. Godwin said the other day that gas consumption in the US is LOWER than it was five years ago. So it can't be a supply-and-demand thing.

[TDDance234]

It looks like the Saudis are saying the high oil prices are "unjustified"...




I think Dr. Godwin said the other day that gas consumption in the US is LOWER than it was five years ago. So it can't be a supply-and-demand thing.

That sounds right. When the gas prices began going up, SUV's popularity started to halt. I think the SUV craze was at it's peak 5-6 years ago. It would explain gas consumption going down. Surely, there are other factors but I'd imagine that is a big one.

[LUconn]

but the US is not the only country that demands oil.

[Sly Fox]

but the US is not the only country that demands oil.

Exactly.

I wish I could comment on the Fortune story.

[blwall1416]

But when then Saudis say the price of oil is "unjustified" & calls an international meeting, one month after saying it was justified....that's got to say something.

[Realist]

But when then Saudis say the price of oil is "unjustified" & calls an international meeting, one month after saying it was justified....that's got to say something.

It says the U.S put pressure on them to say it.

But the premise is correct, despite what TV/analysts/etc. tell you about rising international demand, it's a bunch of baloney compared to the price hike in reference to supply and demand. Anyone who is telling you that nonsense is either uninformed or regurgitating what they heard from some analyst trying to keep his clients happy.