Some analysts I trust have gotten a little too complex on this topic. Yes, there are many concrete reasons why Saudi Arabia’s intervention in the oil market at the beginning of this month makes sense. The fact that prices have not risen much since the announcement is an indication of just how quickly the world recession is destroying oil and gas demand. But the fact remains that Saudi Arabia decided to make this cut a month before the November mid-term elections. This is a calculated slap in the face to Joe Biden and the Democratic party. It is not, however an insult to the United States as a whole, as I explain in today’s video.
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Video Transcript after the jump…