Bush fails to win Saudi help on gas prices
Bush got a red-carpet welcome to this desert kingdom, home to the world’s largest oil reserves, and promised to ask King Abdullah to increase production to reduce pressure on prices, which soared past $127 for the first time Friday. But Saudi officials said they already were meeting the needs of their customers worldwide and there was no need to pump more.
Their answer recalled Bush’s trip to Saudi Arabia in January when he urged an increase in production but was rebuffed.
Saudi oil minister Ali al-Naimi said the kingdom decided on May 10 to increase production by 300,000 barrels a day to help meet U.S. needs after Venezuela and Mexico cut back deliveries.
“Supply and demand are in balance today,” al-Naimi told a news conference, bristling at criticism from the U.S. Congress. “How much does Saudi Arabia need to do to satisfy people who are questioning our oil practices and policies?”
