Saudi Arabia Wants Oil at $75 a Barrel
King Abdullah of Saudi Arabia made comment on the condition of the Saudi Arabian economic situation on Sunday, saying that he believes the Kingdom’s economy to be in excellent condition and that they only suffered a little from the recent economic crisis seen in nations around the world. The King also said that the Kingdom would like the price of oil to stabilize at $75 a barrel, as that is what their economic planning calls for, higher oil prices simply add money into their reserves. The Kingdom has seen some of its people stop spending out of fear of the developing crisis. For this reason, King Abdullah decided to make strong, reassuring comments to his subjects about the situation to alleviate concern about the future. The news reports about the crisis in major western nations, such as the United States, has led many Saudis to believe that they too are in danger of economic downturn. The King wants every citizen to understand that Saudi Arabia is in good economic condition and has no reason to believe that its situation will change.
Holly MacGillivray
