And that someone is the people of Saudi Arabia. I don’t know if you’ve been keeping tabs on the Saudi stock market, but it has completely melted down over the last few weeks. The market has undergone a 19% decline in just the last two weeks. In the last three days the market has declined 15%. While most in the USA are clearly shrugging these problems off as being contained to Libya and surrounding regions it is clear that unrest in Saudi Arabia is growing.
There has been an almost endless army of analysts coming out to downplay the problems in the Middle East. I think they are seriously underestimating the potential for a brutal combination of unrest, oil price seasonality and the Fed’s QE2 all coming together to cause much higher oil prices this summer.