This article provides an okay explanation, but let’s not forget another recent Pajamas article that totally didn’t get – yup, I’m talking about Time to Push the Saudis on Oil Prices, by Youssef Ibrahim (3/19/08, http://pajamasmedia.com/blog/time_to_twist_saudi_arms_on_oi/):
Mr. Cheney is uniquely positioned to remind King Abdullah that he was defense secretary when George Bush Sr. mobilized 400,000 U.S. troops to save the Saudis’ hide from Saddam Hussein’s claws, when having taken Kuwait in 1990 he was getting ready to swallow Saudi Arabia.
The Saudis have to come clean. Do they prefer hogging billions of dollars without regard to the consequences or do they want to play a responsible role on the world stage? They cannot have it both ways. The same applies to Kuwait, whom the U.S. rescued in 1991, and the UAE, which lives under U.S. defense wings. We need the extra oil — now.
Put ever more simply: we can cut that oil price in half, literally, with a mere statement of intention by these allies that more oil shall be disgorged onto world markets this year. When the oil moves onto tankers, we will be looking at $40 a barrel, or substantially less.
