Saudis To Pump More Oil – U.S. Not So Much

J.J. Jackson | June 18, 2008

Saudi Arabia has committed to pumping more oil as a band aid over the gaping wound of high oil prices due to short supply. The move comes after U.S. officials including President Bush urged the increase while remaining steadfast in their opposition to more domestic production.

Saudi Arabia will raise oil production to record levels within weeks in an attempt to avert an escalation of social and political unrest around the world. King Abdullah signalled the commitment to the UN secretary general, Ban Ki-moon, at the weekend after the impact of skyrocketing oil prices on food sparked protests and riots from Spain to South Korea.
Next month, the Saudis will be pumping an extra half-a-million barrels of oil a day compared to last month, bringing total Saudi production to 9.7 million barrels a day, their highest ever level. But the world’s biggest oil exporters are coupling the increase with an appeal to western Europe to cut fuel taxes to lower the price of petrol to consumers.

And people wonder why the rest of the world looks at us often and thinks we’re stupid bullies? Heck, if we’re not going to help ourselves why should anyone else?

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