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Gold/Mining/Energy : Big Dog's Boom Boom Room
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To: upanddown who wrote (101061)5/17/2008 7:49:12 PM
From: mutulu   of 206160
 
Bush should have asked the Saudis to use their incredibly deep pockets to massively intervene on the short side of oil futures. They could force down prices while taking billions from the longs.

It's more profitable for the Saudis to preserve the status quo while blaming high oil prices on speculators (and laughing all the way to the bank). If Bush wants to motivate the Saudis to increase production, he should threaten to launch a national oil conservation initiative ("a Manhattan Project for energy independence"). But unfortunately his corporate masters would never approve of that. From their perspective, energy conservation could lead to other bad habits like saving money, frugality, etc.
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