"There is no justification for the current rise in prices" [View All]

[Tim4319]

I was watching CNN Money yesterday concerning the rise in gas prices. It appears Saudi Arabia is just as surprised as we are for the increase in the gas price. I found this article on CNN Money website and found out that the price per barrel dropped by 4 dollars, but the price at the pump continued to rise.

This is ridiculous!

<<snip>>
Earlier Monday Iyad Madani, Saudi Arabia's Information and Culture Minister, said the kingdom will call for a summit between oil producing countries and consumer nations to discuss rising energy prices.

"There is no justification for the current rise in prices," he told the Associated Press.

<<snip>>
Oil shed more than $4 off the price of a barrel Monday after a Saudi Minister called for international dialog on prices. Meanwhile, gasoline prices extended their rally over the $4 a gallon barrier.

http://money.cnn.com/2008/06/09/markets/oil/?postversion=2008060914