Saudis Get The Message, Pump More Oil

Now that world opinion about oil is becoming more passionate by the day, world leaders and world consumers have to blame someone for the high prices of gas.

The first wave of speculation, with OPEC leading the way, was against speculators who trades on oil futures and gamble on the direction of the value of crude. The Federal government and agencies in other countries are looking into that. Presumably, this has sent the offending parties underground, although there is no real evidence that they ever existed. And, sicking the police after them has done nothing to bring down oil.

The next potential cause of rising crude was the weak dollar. That may not have made sense. The dollar has strengthened somewhat, and crude as not dropped.

That only leaves OPEC. Many have believed that the cartel knew oil supplies were tight and that this would keep prices high. The cartel members were making extra money, and could point to outside causes for the cost inflation. That kept the heat off of them.

Now that almost all fingers are pointing to OPEC, the Saudis have decided that it is better to pump more than to take a beating. The kingdom will begin to ship an extra half-a-million barrels a day. According to The New York Times, "The move was seen as a sign that the Saudis are becoming increasingly nervous about both the political and economic effect of high oil prices."

It a world where money is the only important issue, the Saudi princes can turn themselves from villains into heroes in a matter of days.

The portrait of Saudi King Abdullah will be held high during every July 4 parade throughout the American heartland next month. He has become more important than George Washington.

Douglas A. McIntyre