Bush: Oil Boost Doesn't Solve Problem
By Jennifer Loven
Associated Press Writer
May 17, 2008
CBNNews.com - SHARM EL-SHEIK, Egypt - President Bush said Saturday that the Saudis' modest increase in oil production "doesn't solve our problem," and that the United States must act itself to help bring down soaring gas prices.
"We've got to do more at home," the president said on the lush lawn of a resort overlooking the Red Sea. Speaking after a private meeting with Afghanistan President Hamid Karzai, he mentioned moves that have long been part of his agenda but stymied in Congress, such as developing alternate fuels, improving conservation and expanding domestic exploration.
Bush said he told Saudi King Abdullah during talks Friday that the kingdom should be concerned that high energy prices are hurting some of its biggest customers, including the United States. He asked Abdullah for an injection of oil supply to help ease the pain. "High energy prices are going to cause countries like mine to accelerate our move to alternative energy," he said he told the king.
But Saudi oil minister Ali al-Naimi said Friday it had decided a week before Bush's visit to raise production by 300,000 barrels a day to 9.45 million barrels a day and didn't see any need to do more. Energy analysts called the boost a token - it represents just 3 percent of the total - and it was seen as a rebuff, if a gentle one, of Bush by Abdullah.
Still, the president steered clear of criticism of the Saudis. He noted they are increasing refining capacity as well as pumping more oil.
"It's not enough. It's something but it doesn't solve our problem," Bush said. "One of the interesting things about American politics is, those who are screaming the loudest for increased production from Saudi Arabia are the very same people who are the fighting the fiercest against domestic exploration, against the development of nuclear power and against expanding refining capacity."
Bush's domestic energy plan includes opening a coastal strip of the Arctic National Wildlife Refuge in Alaska to oil exploration and production and making it easier to build new oil refineries and nuclear power plants in the United States. Even if Congress decided to approve them, the moves would not offer short-term relief to families.
Copyright 2008 by The Associated Press. All Rights Reserved.
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