Saudi Arabia's oil a huge question, concerning price and control
Date: Monday, July 31 @ 03:34:28 PDT
Topic: Public Policy; Political and Legal News
From the Saudi Arabian sands pour more than 9 million barrels of crude oil each day, more than 10 percent of the world's production pumped from what is believed to be the largest pool of recoverable crude on Earth.
For three decades, it has been Saudi Arabian oil that poured into the market to dampen rapidly rising prices and Saudi cutbacks that pushed prices back up when they were abnormally low.
Not anymore.
The Saudis say they are still committed to affordable, stable petroleum. But prices have roughly tripled in four years despite periodic Saudi announcements of plans to pump up production.
Control, it seems, has slipped away.
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