Saudis to the Rescue
Oil prices fell as much as $1 per barrel Friday after Saudi Arabia said it will push OPEC to raise its daily production quota by 2 million barrels, or 8.5 percent, to calm jittery energy markets and protect global economic growth.
“It will take 45 days for the additional crude to make its way to the U.S. and by then it’s mid July and the gasoline season is already over,” said Tom Bentz, an analyst at BNP Paribas Commodity Futures in New York. However, “the markets have to respect that the Saudis are trying to make a stand to prevent the prices from rising further,” said Tom Bentz, an analyst at BNP Paribas Commodity Futures in New York.
Now if only they would stop exporting terrorists.