Monday, June 16, 2008
Saudis To Pump Record Oil Output
Saudi Arabia has agreed to increase its oil output to record levels "to avert an escalation of social and political unrest around the world." The Saudis and OPEC have blamed the record high oil prices at $135 a barrel on speculators in the market as much as overall demand. The Saudis are also urging Western European countries to reduce taxes on fuel to help bring down gas prices. The question is whether this latest move will be enough to bring down gas prices at the pump appreciably before this November's election? Probably not.