April 19, 2004:
The White House Monday declined to comment on a report in a new book by journalist Bob Woodward that a Saudi Arabian ambassador had promised the Bush administration that it would lower oil prices to help boost the U.S. economy in time for the November presidential election.
And oil traders shrugged off the report Monday, sending crude prices through the $38 a barrel mark on the New York Mercantile Exchange on fears over increased violence in the Middle East. Prices later settled back.
Whoowee! $38 a barrel! Good times, good times. And the surprise? Ah, yes, right on cue ...
Crude oil prices drop as Saudi Arabia undercuts OPEC
The price of crude oil posted its lowest close since February on Tuesday after Saudi Arabia's state oil company told customers in East Asia and Europe to expect the same quantity of oil in November as this month, undercutting OPEC's plans to reduce output.
Man, it must be great to have friends like the Saudis. Well, OK, maybe not all the time ...
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