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Politics : View from the Center and Left
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To: Cogito who wrote (71307)6/9/2008 7:26:31 PM
From: TimF  Read Replies (2) of 542434
 
The Saudis like the high prices, but to the extent prices get so high that they will put a dent in long term demand they realize that high prices aren't an unalloyed blessing (from their perspective).

The hit to demand probably has more to do with the percentage of income, or gross production spent on the oil, or on oil based products, than on nominal or even real dollars, and that's one reason we haven't had more of an adjustment already (in real dollars we are at a modern record for oil prices, but not by nearly as much as a chart of nominal dollars would suggest, and in terms of percentage of income spent on oil, we are not at an all time high, but well below it), but we are starting to see some adjustment already, and if prices continue to climb we will adjust more.
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