GO
Loading...

Will Saudis Turn On Spigot?

Thursday, 22 May 2008 | 6:14 PM ET

With crude prices gushing ever higher we can’t help but wonder why Saudi Arabia won’t help more. Aren’t they supposed to be our friend?

During its first meeting since President Bush's visit to Saudi Arabia, the Saudi Cabinet stood by its decision to raise production by 300,000 barrels a day and said it was enough to meet market requirements.

OPEC oil ministers blame the rapidly rising cost on speculators rather than a shortage of supply.

The Saudis aren’t interested in easing your pain at the pump, says hedge fund and private equity consultant John D’Agastino, a former vice president at the New York Mercantile Exchange. And I don’t know why we should expect them to be. It’s not worth their while. At the end of the day it’s in their interest to keep production tight.

Tomorrow's Trades #2
Assessing what will relieve the oil crisis, with the Fast Money traders.

The only factors that could reduce price of crude are a significant global slowdown and signs that alternative energy is making serious advances.















______________________________________________________
Got something to to say? Send us an e-mail at fastmoney-web@cnbc.com and your comment might be posted on the Rapid Recap. If you'd prefer to make a comment but not have it published on our website send your e-mail to fastmoney@cnbc.com.

Trader disclosure: On May 22, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Adami Owns (C), (GS), (AGU), (NUE), (BTU), (INTC), (MSFT); Macke Owns (ATVI), (MSFT), (DIS), (INTC), (WMT); Jon Najarian Owns (AAPL), (AMR), (BHI), (BNI), (C), (CRM), (FRO), (WMT). (WLP), (FTEK); Jon Najarian Is Short (DBC), (DKS); Seymour Owns (AAPL), (CSCO), (F), (INTC), (MER), (MS), (TSO)

Featured

Contact Fast Money

  • Showtimes

    Halftime Report - Weekdays 12p ET
    Fast Money - Weekdays 5p ET
  • Melissa Lee is the host of CNBC's “Fast Money” and “Options Action.”

  • Scott Wapner is host of the "Fast Money Halftime Report," which airs weekdays from 12 p.m. to 1 p.m. ET.

  • Guy Adami is a contributor on CNBC's "Fast Money." He also is managing director of stockMONSTER.com.

  • Najarian, the "Pit Boss," is cofounder of optionMONSTER.com, a news site for options traders.

  • Finerman is president of Metropolitan Capital Advisors, Inc., a company she co-founded.

  • Founder of EmergingMoney.com

  • Chief Market Strategist for Virtus Investment Partners & CNBC Contributor

Halftime Report