Wear a rubber dude...
posted by
Dookie The Webmaster
6:14 AM
Bush to discuss oil prices with Saudi king
President Bush said Monday that when he meets Saudi Arabia's King Abdullah later this week, he'll bring up the effect that high oil prices are having on the U.S. and global economies.
"Of course I'll bring it up to him," Bush said in a CBS News radio interview. However, he added that the capacity of the Saudis to raise production - and thus help lower prices - is limited.
"When you analyze the capacity for countries to put oil on the market it's just not like it used to be," Bush said. "The demand for oil is so high relative to supply these days that there's just not a lot of excess capacity."
However, Saudi Arabia has considerable additional production capacity. It's pumping a little over 8.5 million barrels a day, compared with about 9.5 million barrels a day two years ago, and has acknowledged the ability to produce as much as 11 million barrels a day.
Oil makes good lube
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