Quote:
Originally Posted by BlackCrayon
The saudis have said today there is no reason for gas prices to be as high as they are, and say they can guarentee oil supply for the future.
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The Saudis have also been deceptive and actually outright not telling the truth about their oil supply for well over a decade according to all of the major oil companies whom I would tend to believe. They found the shit for the Saudis in the first place.
As for supply and demand just does not happen so fast. Seems people forget that China exploded recently and parts actually prohibit bicycles now in downtown areas. Plus the Government there has a mandatory price cap per gallon. India has also gone from animal and bicycles to car ownership nearly overnight. Then you also have what is stated above which is the Saudis have been not telling truth about how much is left in their fields which experts know is much much less which fuels speculation. Plus peoples perceptions of supply are driving speculation even deeper. So nothing really happened over night but I regress supply and demand does often happen overnight. What will happen if another hurricane takes out a few oil rigs in the gulf or another port?