Saudi Arabia has pledged to take action to lower the high price of oil, which has risen to around $125 a barrel, with laden supertankers set to arrive in the US in the coming weeks.Did anyone think to ask for what price did they sell all of this oil? Is this another case of a moron monopolist trying to effect the price level via quantity supplied or demanded and not directly setting the price itself?
Tuesday, March 20, 2012
Saudi Arabia sends tankers to US with pledge to bring down oil price
Story at The Telegraph.