Well, thanks to Wikileaks, we now know that when the Bush administration reached out to the Saudis in the summer of ’08 to ask them to increase oil production to lower prices, the Saudis responded by saying they were having a hard time finding buyers for their oil as it was, and instead asked the Bush administration to rein in Wall Street speculators.
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The Saudis are doing all kinds of things from a production enhancement standpoint that one would only expect them to do if their oil fields were in a lot of trouble. However, Saudi Arabian reserve and production data are state secrets. They are secret for a strategic reason. In other word, SA will always blame speculators if they have trouble meeting demand.
