[fourteenandoh]

Originally Posted by sandgk

Thank goodness, today, we don't have percentage based taxation (VAT) on gasoline (like Europe - or like what would be in place with a "Flat" tax) - instead we have a simple per gallon tax.

It simply isn't the case that there is any shortage of gasoline whatsoever. Right now supply likely exceeds demand.
(Telegraph.co.uk Business Section).



And when things like the following happen - (Times UK) - you know that matters are really serious.



This is a sign, to me, that the Saudis are seriously concerned that some market factors, beyond those under their control like supply and volume, are reaching the point of cooking the goose (read us the consumers of their product) that lay their golden eggs.

Such factors may include - the declining value of petro-dollars, speculation on paper contracts and the like.

Ironically as they are a substantial importer of refined gasoline Iran fails to see any need for such a meeting:

The fact that the saudis have every reason in the world to keep the rise of oil prices under control (so their junkies stay hooked if you will) and haven't should be blatantly clear to everyone that they don't have the supply some seem to think they do. If they had the oil they would be flooding the market with it at 136 bucks per barrel but they aren't.