Saudi Arabia’s plan, which it began discussing publicly weeks ago, calls for spending up to $50 billion to increase its maximum sustainable production capacity to 12.5 million barrels a day by 2009, and to 15 million in the subsequent decade, from about 10.8 million barrels now. The Saudis are currently pumping about 9.5 million barrels a day.
Think about it this way: Who GETS that $50 billion to be spent on upgrading facilities? And who’s worst enemy (and oil competitor) was invaded and occupied recently? And who’s military and intelligence services are protecting which kingdom?
A Saudi official said that Mr. Bush had not requested a short-term production increase and that such an increase would not have any effect on gasoline prices in the United States in any case. The high price of gasoline in the United States, the Saudi official said, was mostly a result of a lack of refining capacity here.
Uh huh. The same refining capacity that had us under $2 recently.