Saudis shoot themselves in the foot with oil threat tactic

When tensions first flared in the Middle East, energy analysts said Opec would never use the oil weapon. When Iraqi President Saddam Hussein announced last month that he was halting oil exports for 30 days, Saudi Arabia said it would make up for any deficit in global output. Were they all wrong? According to the New York Times, Saudi Crown Prince Abdullah gave an ultimatum to President George W Bush when the two met recently at Bush's Texas ranch. Either the US moderates its support for Israel's military policies, or the Saudis and other Arab nations will play the oil card and demand th...