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Unformatted text preview: resident George W. Bush visited Saudi Arabia twice this year, pleading with King Abdullah to step up production. While the Saudis resisted the calls then, saying the markets were well supplied, they seem to have since concluded that they needed to disrupt the momentum that has been building in commodity markets, sending prices higher. Abdullah has also taken the unprecedented step of arranging on short notice a major gathering of oil producers and consumers to address the causes of the price increase. The meeting will be next Sunday in the Red Sea town of Jidda.} Impact Inevitable World oil supply is increasing inevitably will dip prices Maugeri, Research Fellow, Geopolitics of Energy Project, 2012 (Leonardo, Oil: The next revolution, June 2012,, July 4, 2012;FAS) Contrary to what most people believe, oil supply capacity is growing worldwide at such an unprecedented level that it might outpace consumption. This could lead to a glut of overproduction and a steep dip in oil prices. Based on original,...
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This note was uploaded on 11/30/2013 for the course PHILOSOPHY 303m taught by Professor Tye during the Fall '12 term at University of Texas.

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