Wednesday, August 04, 2004

Oil Prices Falling -- Conspiracy Theory

Some cynical people I know predicted that the Saudis, etc. would begin increasing production to drive oil prices down in time for the election. This has been written about elsewhere as well.

The conspiracy theory relates to the close relationship between the Bush family and the Saudi royal family. An add-on to the theory is that Bush has been fairly chummy with Russia's Putin, allowing him to fight his wars in peace, if you will.

Anyway, today's news would seem to support this theory, perhaps. We shall see how prices go over the next few months. What caught my eye in particular is that "the president of production cartel OPEC reversed previous statements and said the group could immediately boost output to help cool prices."