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How drilling for oil reduces gas prices immediately.
06/22/08
The Saudis are increasing oil production:
JEDDAH, Saudi Arabia (CNN) -- Saudi Arabia will increase its daily oil production to 9.7 million barrels from 9 million to counter the sharp rise in international oil prices, Saudi King Abdullah said Sunday.
The country's petroleum minister, Ali I. Al-Naimi, said that the increase will take place in July.
It would be Saudi Arabia's highest production rate since 1981.
Al-Naimi also said the government will invest in oil projects that would allow the nation to produce 12.5 million barrels per day by the end of the year.
Do you think all of the talk from Americans about drilling for oil off our coasts and in Alaska had anything to do with the decision? Thanks, Chris.
Tags: saudis increase oil production
1 comment
Comment from: Josh SN [Visitor] · http://satp.blogspot.com
No, I do not believe the actions of the Kingdom of Saudi Arabia are dictated by such long term considerations.Traditionally the US Presidents have been able to get the Saudis to increase pumping. There is no doubt that the Bush family and the Saudi royal family are very familiar with each other. After all, on 9/12, 2001 Bush met with members of the royal family. Not Israel, not Britain, not with the top leaders in the Pentagon, not with the world's foremost terrorism experts, but with the Saudi royal family.
I'm not saying he didn't talk to these other people, but the Saudis are who actually spent time with him in person.
06/23/08 @ 05:18
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