Saudi Arabia Hosts Energy Summit
In the world of oil and politics Saudi Arabia is the King to whom the rest of the world bows. At the recently concluded energy summit the Arabian Kings graciously announced they would increase oil production to 9.7 million barrels per day to help alleviate the current high price of crude oil.
The question is did they say it with a straight face?
The answer is, of course they did.
As I said they are rich and smart.
Let's do some math. 9.7 million barrels of crude oil per day times $135 per barrel is $1,309,500,000 in revenue per day.
Now for the advanced math, $1,309,500,000 times 365 days is $477,967,500,000.
478 billion dollars per year.
At the end of the "summit" the Saudis pat the Americans, Japanese, and British on the head and send them home.
Wouldn't you, if you were rich and smart?
(some pics and quotes from the summit via the globe and mail)
http://www.theglobeandmail.com/servlet/story/RTGAM.20080622.woilmeeting_gallery0622/PhotoGallery01?slot
http://www.theglobeandmail.com/servlet/story/RTGAM.20080622.woilmeeting0622/BNStory/energy/home
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