Tuesday, April 26, 2005

Saudis scoff at Bush's call for more oil

If you want to scam Americans on oil -just use the same tried and tested techniques perfected by Enron and others in the electric power distribution system.

Create artificial, inbuilt distribution bottlenecks and use these to lever prices up. Here's an interesting interview excerpts from ABC Australia:

ELEANOR HALL: United States President George W. Bush has failed in his effort to get the Saudi Government to increase oil production in the near term. In a meeting at his ranch in Crawford Texas the President sought the help of Saudi Crown Prince Abdullah to ease the pressure on the world price of oil.

But the Saudi Government has said there is nothing it can do because its production is already at or near full capacity, and that the long-term solution to the oil price problem is for the US to increase its investment in refining capacity.

ADEL AL JUBEIR: It will not make a difference if Saudi Arabia ships and extra million or two million barrels of crude oil to the United States if you cannot refine it, it will not turn into gasoline and that will not turn into lower prices.


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