High international oil prices are bad news. Bad for Europe, bad for the US, bad for emerging economies and bad for the world’s poorest nations. A period of prolonged high prices is bad for all oil producing nations, including Saudi Arabia, and they are bad news for the energy industry more widely.
It is clear that sustained high prices are starting to take their toll on European economic growth targets. They are contributing to trade balance deficits and feeding inflationary pressures. It is an unsatisfactory situation and one Saudi Arabia is keen to help address. In an interconnected world, European economic growth is in our national interest. No one benefits from a stagnating European economy and we want to do what we can to help encourage growth.
1 comment:
WHY do we continue to allow this? why don't we use our own resources and become energy independent?
the EPA just signed a binding ruling that we can have NO future coal mining. what's with that. why do they have these powers. BAN the EPA. shut off all funding for this "out of control" agency. CLOSE them down for good. NEVER to be seen or heard from again.
if there are any "tree huggers" on this blog; DON'T preach to me about clean air and water. just don't want to hear it. they've gone too far for too long.
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