Sabria’s Out of the Box: Saudi Arabia is not holding oil
Jeddah energy summit on Sunday was a big eye-opener. I always thought the US government under President Bush bordered on delusional but know I am convinced.
King Abudullah scheduled just two weeks ago the summit to discuss the skyrocketing oil prices, which are now hovering around $135 per barrel. British Prime Minister Gordon Brown thought the summit was so important that he showed up himself.
Bush, on the other hand, thought it was important enough to, well, send Energy Secretary Samuel W.Bodman, who did a lot of sulking but little to further dialogue about how to curb high prices.And this is what I find so troubling and perplexing.
There is this sense of self-entitlement and finger-pointing among Americans, but little in the way of self-examination when it comes to America’s role in oil consumption.Certainly it’s debatable whether demand is exceeding supply.
…
Perhaps it’s time the West bucked up and took responsibility for its reckless actions over the past 35 years and stop looking for demons to blame.