Oil’s Swings Reinforce Saudi Arabia’s Key Role in Energy Markets

The oil price jumped by less than 10 USD and for a few days only. It’s almost back to where it was before. If Saudi Arabia was really such a heavyweight factor in oil, the price would have to spike to 3 digits and for at least 4 months with a long tail effect lasting for 3 years. This attack just demonstrated how irrelevant Saudi Arabia and OPEC has become. If anything it reinforced notions that the US needs to go a further step towards energy independence.

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