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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: TH who wrote (4598)4/18/2004 11:53:55 PM
From: CalculatedRisk  Read Replies (6) of 116555
 
Setting aside the chilling aspects of the Woodward piece: I am wondering if oil prices will drop tomorrow?

Excerpt:
Prince Bandar enjoys easy access to the Oval Office. His family and the Bush family are close. And Woodward told 60 Minutes that Bandar has promised the president that Saudi Arabia will lower oil prices in the months before the election -- to ensure the U.S. economy is strong on election day.

Woodward says that Bandar understood that economic conditions were key before a presidential election: “They’re [oil prices] high. And they could go down very quickly. That's the Saudi pledge. Certainly over the summer, or as we get closer to the election, they could increase production several million barrels a day and the price would drop significantly.”
cbsnews.com
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