Saudis get serious on oil prices: Viewed objectively, this is awful. The Saudi’s are apparently seeing what happens when gas gets expensive — we get more responsible and develop more efficient technology — and are terrified of it.
The Saudis are widely believed to be concerned that escalating oil prices – crude hovered around $134 a barrel Thursday, nearly double what it cost a year ago – will cause a permanent drop in demand as consumers get more efficient or, worse, the global economy slows.
”[..] a permanent drop in demand.” That’s great for us. Horrific for them. They simply have to keep us addicted to oil. Put another way, they are not doing this to help us.