Saudi Arabia Just Fine with Lowering Oil Prices
As everyone has noticed in the US, gas prices have been dropping continually. Oil prices recently reached $70 a barrel, which is half of what they cost in July. While other OPEC countries seem to be sitting on the edge of their seats, Saudi Arabia sits in a pleasant spot because they have made economic plans around a budget that supports oil prices as low as $50 a barrel. Saudi financial planners have explained that their foreign assets are capable of keeping the country out of economic trouble. But spectators agree that no one is immune from the global financial crisis. Saudi Arabia seems to have a good plan for now though. Their central bank has helped small banks avert crises and has made promises to protect the public should the global economic crisis begin to impact the country. All in all, the kingdom appears to be in a pretty secure spot right now.
Holly MacGillivray
