Reuters reports that the Saudis have decided to pump more oil and bring it to market.
The global oil market is sufficiently supplied with extra oil being pumped from Saudi Arabia helping, Maria van der Hoeven, head of the International Energy Agency said on Thursday.
“We are always closely monitoring markets. We can see that the oil market is sufficiently supplied. Saudi Arabia is bringing more oil to the market. We can also see that the United States and Canada are bringing more oil to the market,” she said in the Spanish capital at an energy conference.
Saudi oil minister Ali-al Naimi said last week the world’s top oil exporter was ready to take action to calm rising prices, which he said were not supported by market fundamentals.
“The extra oil from Saudi Arabia helping,” but helping whom? Mitt Romney has been very clear about his desire to make America energy independent. He wants more domestic drilling. He wants to open up coastal areas off the Carolinas and Virginia to do so, and he has vowed to approve the Keystone XL pipeline.
Could it be that the Saudis would prefer to have an American president who not only bows deeply to their rag-headed royalty, but also has done all he can to cripple our nation’s energy producing capacity?