Erm … I hope this was a piece of satire.
Of course the Saudis are holding back oil. Inelastic commodities are strange, and you can often make more money if you hold them back. Their comments about selfish speculators are all a bunch of George Soros as well, because if you are speculating on an oil price and you get it wrong … you (or the poor sucker who buys the contract off you) stand to lose a lot of money.
I guess the solutions are back to supply and demand.
Increase supplies by drilling for oil in places that aren’t called Saudi Arabia. Also build some nuclear power stations to ease the pressure on electrical generation (yeah I know, it won’t make an immediate difference to today’s oil price … but oil futures?)
And on the demand side, erm …. no, not the energy saving lightbulbs. I guess a few more purchases of some turbo-diesel cars might make a difference.
Hey, why don’t we invade China? (Poor joke).
