The free market will now set the global cost of oil, leading to a new era of wild price swings and disorderly trading that benefits only the Mid-East petro-states with deepest pockets such as Saudi Arabia. If so, the weaker peripheral members such as Venezuela and Nigeria are being thrown to the wolves.Imagine the cost of oil if the United States jumped into the fray in a truly big way.
Wednesday, December 10, 2014
And that's as it should be
Ambrose Evans-Pritchard on the implications of OPEC's collapse:
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Yeah, we could care less about the Middle East and having it blow, er, oh, I forgot one little thing. Israel.
ReplyDeleteOur dealings with the various players in the Middle East could be much tidier and more based on our interest in defeating jihad, certainly.
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