A Free Voice


The Saudi king says “Get used to high oil prices”?
July 1, 2008, 5:47 pm
Filed under: Oil and Gas | Tags: ,

Just today, the Saudi King told all oil consumers to get used to the high oil prices. Breibart.com reported,

King Abdullah of Saudi Arabia, whose nation is the world’s number one oil exporter, called on consumer countries to get used to high prices in comments published on Tuesday.

“Consumer countries have to adapt to the prices and the mechanisms of the market,” the king said in an interview published by the Kuwaiti daily Al-Siyassah.

“We have nothing to do with the current sharp increase in crude prices,” he said reiterating the Saudi position that speculation, rising demand and the taxation of oil products in consumer countries were to blame.

“These countries must reduce their taxes on fuel.. if they want to contribute to easing the burden on ordinary consumers,” he said.

Unfortunately, I think King Abdullah is right. But his advice to that consumer countries need to lower taxes on oil to ease the burden of the cost is not going to happen any time soon. He’s right so get used to it!

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