Politico:
“So they’re taking improper advantage of that situation and our politicians are going to let that happen?” he asked. “I don’t think they should.”
Thanks to today's Abbreviated Pundit Round-up I got to see that doozy from >$20 billionaire Harold Hamm about how the House of Saud is playing the free market to their own advantage.
When Hamm and his ilk are making money eating other kids lunch all is as it should be, when his lunch is munched by others...TEACHER!!!
BTW, even if the US export ban is lifted:
The International Energy Agency (IEA) -- in its latest
November 2008 world energy outlook -- gave the following
estimates for the all-in costs of producing oil from various
types of hydrocarbons in different parts of the world:
Oilfields Estimated Production
/source Costs ($ 2008)
Mideast/N.Africa oilfields 6 - 28
Other conventional oilfields 6 - 39
CO2 enhanced oil recovery 30 - 80
Deep/ultra-deep-water oilfields 32 - 65
Enhanced oil recovery 32 - 82
Arctic oilfields 32 - 100
Heavy oil/bitumen 32 - 68
Oil shales 52 - 113
Gas to liquids 38 - 113
Coal to liquids 60 - 113
Source: International Energy Agency World Energy Outlook 2008
That's from this story:
FACTBOX-Oil production cost estimates by country
Then we have this story:
Exclusive: Privately, Saudis tell oil market- get used to lower prices
Saudi Arabia is quietly telling the oil market it would be comfortable with much lower oil prices for an extended period ...
Saudi officials ... will accept oil prices below $90 per barrel, and perhaps down to $80, for as long as a year or two, according to people who have been briefed on the recent conversations.
When they play that oil game - they play hardball...