High oil prices not good for Saudi, US
WASHINGTON - Record crude oil prices above $70 per barrel are not in the interest of the worlds largest producer or its largest consumer, Saudi Arabia Oil Minister Ali al-Naimi said on Tuesday. Prices at these levels are not in the interest of either Saudi Arabia or the US, Naimi said in prepared remarks at a joint appearance with US Energy Secretary Sam Bodman at the Center for Strategic and International Studies.
"He's lying!"
"How can you tell?"
"His lips are moving. On the floor." | Naimi said that cutting reliance on foreign imports will not boost energy security as US President George W. Bush has asserted. A popular misconception these days is that a country can decouple its domestic oil prices from international prices by lowering imports, Naimi said.
Posted by: Steve White 2006-05-03 |