Almost. Two or three weeks ago I predicted oil prices would again rise because OPEC would meet early, to shore up the falling prices. Well, this just in:
CAIRO, Egypt – Saudi Arabia's king says the price of oil should be $75 a barrel, much higher than it is now, but his oil minister indicated Saturday that no measures will likely be taken until OPEC meets again next month. Saudi Oil Minister Ali Naimi said that the Organization of Petroleum Exporting Countries will "do what needs to be done" to shore up falling oil prices when the group meets Dec. 17 in Algeria, but for now it was "too early."
So there you have it. I mentioned earlier I will fill my oil tank and my gas tanks before December 15th, and I still plan on doing so. You may want to consider a similar plan. Bear in mind, now that the speculators are aware of this, the price may rise sooner, due to speculation.
Make no mistake about it - the Saudi's are not, and never have been our friends. They care not that the economy is bad, or that many folks may freeze. They only care about their profits. And to them, we are nothing more than infidels. So, expect nothing less from those people.
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