Indeed, just this week Saudi King Abdullah launched a harsh attack, denouncing the American military presence in Iraq as an "illegitimate foreign occupation". This was the same "friend" that our President held hands with to show close, personal friendship during a visit last year. But, what did the attack do to the Saudi credibility with the US? There was no comment from the administration - perhaps they thought that if it was ignored it would be forgotten.

Now, here's an interesting twist, pointed out by Frank Denton: Saudi Arabia and Iran, two of the largest oil producers, benefit VERY directly from any Mid-East problem. Calculating with crude-oil spot prices, the kidnapping of 15 British sailors earned Iran about $130M ADDITIONAL income, while the US incurred close to $ 0.5B MORE in import costs. In just over a week, European Union costs went up by about $ 0.75B, while Saudi exports jumped by about $ 0.5B. And the crisis has not yet been settled.

While the US and the world keeps guzzling oil, Mid-East governments can continue to manipulate the market in their favor, and keep defying international conventions. While the media continues to focus on daily politics, who in the current administration is tracking these results? And what is anyone doing?

Related links:

• Frank Denton - Nexus-OIL and AL Quaeda
• Saudi king criticizes US presence in Iraq
• Oil, Security, and Energy Independence