Monday, May 19, 2008

Saudi Arabia's Token Increase in Oil Production

RIYADH, Saudi Arabia - Regular gasoline goes for about 50 cents a gallon here in the capital of the world's largest producer of oil, which pumps out 9 million barrels a day. But, after a visit with the Saudi monarch here, President Bush has found little hope of bringing any significant relief back home, where Americans are paying close to $4 a gallon. The Saudis have agreed to a relatively modest boost in oil production, announced in the midst of meetings Friday with King Abdullah over tea, lunch and dinner and an overnight stay for Bush at the palatial horse farm where the Saudi ruler keeps 150 Arabian stallions in air-conditioned stalls. But, for the second time in five months, the Saudis have rebuffed the Bush administration's request for significantly stepped-up oil production to ease rising oil prices.

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