The Saudis Weren't Trying to Solve This Problem, They Were Trying to Scapegoat It

So let me see if I have this right.

The Saudis call this big energy meeting.

Invite fellow oil producers, oil customers, and lots of oily politicians.

All to, they say, help bring down oil prices.

And what happens?

Oil prices go up?

Yea, up. And you know why they're up?

Because everyone knows what's really up.

The Saudis weren't trying to solve this problem — they were trying to scapegoat it.

Plain and simple. They lied. Before the meeting. At the meeting. After the meeting.

Remember little more than a month ago, the Saudis said, don't blame us, we're producing all the oil we can.

Then lo and behold, since that time, they've "discovered" another 700,000 barrels a day they can manage to pump out.

Wait a minute, you said you were going full throttle?

And what's this latest promise?

Word they'll provide 200,000 barrels of that, "as needed."

"As needed"?

That's like me saying, I'll eat salads, "as needed."

Look at me. I need to be doing salads 24/7. What's this "as needed" nonsense?

The world needs the oil. Period.

What a stupid comment.

Here's another.

Blaming the U.S. for ring-leading this global energy gluttony.

Never mind dissing your largest customer, but saying not a word about your two booming customers? India and China? They're not gluttons?


I don't know what's more offensive, the Saudis holding this meeting, or U.S. and foreign leaders, not to mention investment house chieftains, practically going hat in hand to be at this meeting.

Then the insult of Democratic politicians here demanding the Saudis open the spigot, yet refusing to do the same here.
So they come away with headlines saying they're producing more oil and doing all they can — both lies.

And we come away groveling for them to understand us.

No wonder the Saudis laugh at us.

They know we have no battle plan. But worse, they know we have no backbone.

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