Looks like the Saudis left the OPEC meeting saying they wanted crude 80-90 and didn’t need OPEC to do it.
The Saudis realize that to stay in power they need Obama’s support.
This latest move is an understanding with Obama to give him all the credit and keep the fact that the Saudis are price setters out of the headlines.
And there is probably an understanding that the Saudis will keep the price low enough so the US can later refill the reserve at the lower prices.
RIP
USA
:(
House Majority Leader Eric Cantor (R-VA) today issued the following statement regarding House consideration of a balanced budget amendment, H.J. Res. 1, sponsored by Congressman Bob Goodlatte:
“We are being asked by the Obama Administration to approve a debt limit increase. While President Obama inherited a bad economy, his overspending and failure to enact pro-growth policies have made it worse and now our national debt is currently more than $14 trillion. House Republicans have made clear that we will not agree to raise the debt limit without real spending cuts and binding budget process reforms to ensure that we don’t continue to max out the credit card. One option to ensure that we begin to get our fiscal house in order is a balanced budget amendment to the Constitution, and I expect to schedule such a measure for the House to consider during the week of July 25th. I have no doubt that my Republican colleagues will overwhelmingly support this common sense measure and I urge Democrats to as well in order to get our fiscal house in order.”