Saudi Arabia says the hikes are not justifiable given that the market has sufficient supplies. It is calling for a meeting among oil producing nations, consuming nations and oil companies spanning the supply chain, to discuss how to deal with it.
The Saudi’s official concern is that spiraling oil prices ‘could affect the world economy’. I think they are also worried about how the phenomena could backfire against oil rich countries in the long run.
Everyone is now driven to research and invest in renewable forms of energy. Dependency on oil aside, these alternatives also hold promises of cleaner environments.
One day they might just make oil obsolete.