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Bush, Crown Prince Look to Tank Oil Prices

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With concern about oil prices escalating to a fever pitch, President Bush met with Crown Prince Abdullah yesterday to produce a plan to curb increases.

Both agreed that rising prices were having an adverse effect on the worldwide economy by driving up inflation in other sectors, but disagreed on what was at the root of the problem.

Seen walking hand in hand through a flower garden at Bush’s Crawford ranch, the pair had an intimate discussion on the topic. While President Bush asserted that the solution rested in upping Saudi crude oil production, Prince Abdullah cited other concerns.

Chiefly, according to Abdullah, the lack of refining capacity was at the helm, not the level of Saudi production. The prince also pointed to instability in oil-rich countries like Iraq and the seemingly exponential growth of China and India, where energy demands are skyrocketing.

The meeting concluded with an announcement that Saudi Arabia would spend $50 million to increase oil production.

Though oil futures seemed to drop immediately this morning, many analysts believe it will be short lived, as the Saudis appear to have been producing close to capacity already. Other concerns, some previously mentioned, will continue to influence prices.

Bush, Crown Prince Look to Tank Oil Prices
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