Who am I to offer President Bush advice on who he brings to his ranch? But here goes: Mr. President, don't waste your time with the Saudis. I know it's a big honor to get invited to the ranch, but on this invite, you're way off the reservation.
I'm not saying that because the Saudis are bad. They're just powerless to do what you want them to do. Because, don't look now, Mr. President, but these Arab emperors have no clothes.
Contrary to a world that sees OPEC (search) as scheming, I see OPEC as pathetic.
It's done. Finished. Influence: zilch, zippo, nada.
These guys have opened their spigots virtually all the way and the ones who say they're sticking to a quota are cheating faster than me in a bakeshop.
They've lost disciple. They've lost hegemony. They've lost their minds. Because they cannot control something called "demand" for their product.
It's huge. OPEC isn't.
India loves oil. China loves oil. Gosh, even if the rest of the world didn't love oil, those guys alone would keep prices high.
So go ahead and arm twist the prince, Mr. President. Just don't be surprised if he just leaves you twisting in the wind.
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