According to Bloomberg, the Saudi Oil Minister, Sheikh Ali Al-Naimi is quoted as saying that there is no rational reason for the oil price to be this high.
The price has been about 5 percent higher for the last three months, between the $104 and $109 price range for Nymex Crude. Such prices are unsustainable, evidence the threat of truckers strikes in the U.K., which seem a concerted cry at the abandon a lot of people feel in the price mechanism. If Saudi Arabia says the price is too high, then who are keeping the price so high?
The sooner it is lower, the better for everybody, to sustain a worldwide economic Recovery, for which I pray.