If this is true, it could be a big deal...

http://blogs.moneycentral.msn.com/to...h-of-opec.aspx

Article titled "The Death Of OPEC"

Cliffs Notes: OPEC was demanding that production levels be cut to keep prices artificially high (mainly at the behest of Hugo Chavez), Sauda Arabia said no, they would meet market demands.

Thoughts on the impact this will have on short and mid term oil?

lol saudi has done this before pretty often. Do people not fact check these days?

Yeah, OPEC production stipulations are pretty much like those yellow highway off ramp speed limit signs - a nice suggestion, but nothing more.

I like the idea of oil prices collapsing, I'll take one of those.

pay now or pay later

I am one of those people who posts rarely. Watchmaker, wtf is this post?

You got it buddy.

There ya go!
No need for thanks. Just pay it forward.

i'm interested in what you mean by this because none of the interpretations i can think of make much sense

Do higher gas prices mean more profits for oil companies? With supply only decreasing, why doesn't everyone just slam the stocks for oil companies?

You've got the cart before the horse. Higher gas prices are a result of higher oil prices (and limited refining capabilities). Increasing demand for oil means more profits for oil companies.

Saudi wants McCain in office. They will do what it takes to keep oil prices down between now and the election to help McCain.

After the election, I am guessing oil trends higher.

Out of curosity, why do the saudis want mccain?

I think stability is a greater concern to the Saudis right now. They knew all along that oil was overvalued and clearly desire a more predictable environment.

Am I wrong in saying they were lukewarm to the extremely high prices this summer?

I think the house of saud realises that spiraling oil prices are not good for oil producing nations in the long run. Other nations are cutting consumption and trying to find other energy solutions to oil, and this is not a good thing.

All this "its to help Mccain win" is typical bull****. No one can explain to me: a) why they would want mccain to win, or b) why this even helps mccain over obama.

Wow. I just got power back from Hurricane Ike, and missed your question above. Seems like you answered your own question.

For others with open minds, this ain't rocket science . . .

1. The Bush-Saudi relationship is well-documented. Google it. (Anyone remember Bandar Bush?) McCain is Bush III when it comes to energy and military policy.

2. The Saudis are a sunni nation. The royal family likes our presence in the region and military pressure on Iran, a shia nation. Obama wants to get us out of the region.

3. Incumbent presidents, or those of the same party seeking to replace them, historically fare better when economic conditions at home are good. When economic conditions are bad, challengers benefit. Oil prices directly affect voters' pocketbooks.

Finally, if you don't think that certain foreign nations have a vested interest in the outcome of US national elections (and will act accordingly), then I have a bridge in Alaska I want you to support, err, oppose.

But why did they also aid Clinton in the same way when he was up for re-election? Bush-Saudi relationship (if true, I'll take your word for it, but doesn't half the world have a relation with the House of Saud?) is irrelevant to McCain, your link says the Bush has the same energy/military policy but I mean come on, is it really that easy for someone to secure favors, just act a little like Bush?

Obv McCain has a deal with the devil, the Bush team will get McCain elected if he promises to act as their puppet

/conspiracy

And even if this is all true, it has to have a very marginal effect at best.

Wow, I'm really surprised to see so many people assuming the Saudis are actually brain dead enough to be pulling this move in hopes of manipulating the election. First, McCain is doing his best to put as much distance as possible between him and bush, and won't in any way be attributed with any drops in the pricing of oil. And with the recent collapses of huge financial institutions it would be insane for the Saudis to do anything in hopes of making our current economic situation look rosier to the American people. I'd like to see your historical data about candidates from the same party as the previous party fairing better when the economy is doing well and see if any of those situations were comparable at all.