Another way to look at it

One of my brightest students has a different take on the Prince Waleed interview.  (Before going further, the GCC are the rich gulf countries:  Kuwait, Bahrain, Qatar, Oman, Saudi Arabia, and the UAE.)

I asked my class, “Why would the GCC allow oil prices at $50-$60  when they could cut production just a little and see prices go to $80 or even $100?”  After some discussion they got around to Prince Waleed’s answer of “help the world economy now so they will be our customers in the future.” 

My bright student said, “They are doing America’s bidding.”

I went on to explain how this is hurting the countries of Iran, Venezuela, and Russia who are all dependent on oil revenues.

My bright student repeated, “America doesn’t like those countries.  The GCC is doing America’s bidding.”