Page added on July 14, 2004
It is highly unlikely that we shall see an “October surprise” in which the Saudis flood the crude oil market in order to bring prices down sharply and thereby help ensure a Bush re-election. Faced with rising welfare costs and escalating political tensions, the kingdom has a corresponding need for additional capital expenditure for increased oil capacity. Goldman Sachs estimates that the Saudis require an average price of at least $30 a barrel over the next 5 years just to maintain real per capita expenditure.
ZNet
Leave a Reply