René O'Deay gBlog

Tuesday, July 22, Oil prices fall again to $127.95 Yahoo AP news, fluctuating up and down, as fear drives the market.

UPDATE: Oil prices rebound slightly by noon. How convenient that Nigeria had an oil  pipeline explosion! Just too convenient in my view.

Latest news on AP and CNN, oil futures fall again, down to $129.

But who is actually making the major profits?

"The six members of the Gulf Cooperation Council (Saudi Arabia, the United Arab Emirates, Kuwait, Bahrain, Qatar and Oman) earned $364 billion in 2007, but they are projected to earn $639 billion in 2008 and $657 billion in 2009. Saudi Arabia alone is projected to earn about $700 billion in 2008-09, following earnings of $194 billion in 2007. [3]"
MiddleEast Media Research Institute

And this despite the Saudi King and his ministers all claiming that it was the speculators driving the price up.

Kinda makes you wonder just who exactly were behind those speculators, doesn't it?

NowPublic

Tags: Saudi Arabia | prices | World | US | Natural Gas | crude Oil | SPECULATORS | futures | stock exchanges