Sources: Saudis Admit They Want $70 Oil

[Old-Ruffneck + 1,177]

My call from weeks ago: I say put American tech to the task of working with friendly countries to help us keep the prices down in the 50's and let the Saudis drink their oil. It can be done within out own hemisphere to ramp up enough production to offset Saudi Arabia. May take alittle time but remember the 70's and gas lines etc. Either learn to live with reasonable priced oil or maybe get a serious poverty check when enough allies quit buying your oil. Of course many day traders would love skyrocketing prices. On the whole, it's not good for this country, creates even more inflation. Hopefully rhetoric from the Sauds is just that. 

The Saudis are aiming for at least $70 a barrel Brent Crude because the Kingdom’s budget needs these higher prices, industry sources familiar with Saudi Arabia’s oil policies tell Reuters. And they may need even higher than that.  Too many lazy people living beyond their government needs. Put the people to work, like the rest of the world!! 

Edited March 26, 2019 by Old-Ruffneck
added