Oil Hits $75 -- Saudis Are Happy
By Micah Halpern
Monday May 7, 2018
I've Been Thinking:
Strange things are happening in the oil markets - especially between Iran and Saudi Arabia.
For years Saudi Arabia has tried to push prices of oil down and tried to make certain that Iran was not able to benefit from sales of higher priced crude. But this week oil hit a high of $75/barrel and the Saudis announced that they want oil prices to rise higher - even to $80/barrel.
Oil today is already 50% higher than it was last year.
Meanwhile, Iran wants to sell as much oil as possible.
This change in attitude about the price of oil is part of a plan - a plan to hurt Iran.
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