The Jawboning Of An Ass - So Much Talk, So Little Time & Oil - AP On The Littlest President's Trip

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Timing the announcement with the president's visit, the Saudis said they would pump an additional 300,000 barrels of crude next month. They also made a point that the decision had been made a week ago, and not in response to Bush's visit. Energy analysts saw it as a token, and, in fact, oil markets responded by boosting prices a few more dollars to $126 a barrel.

A dozen years ago OPEC, led by the Saudis, were more likely to loosen their oil spigots, often cheating on the oil cartel's self-imposed quotas. Today their primary goal is keep the supply and demand in close balance — and guard against prices tanking. So when Bush made his second personal appeal this year to King Abdullah in search of ways to ease the pain for American motorists from soaring gasoline costs, the Saudis told him there's plenty of oil already available. The additional 300,000 barrels — bringing Saudi Arabia production to 9.4 million barrels a day — was simply to meet customer needs in June, officials explained.

Saudi oil minister Ali al-Naimi scolded those "who are questioning our oil practices and policies." Saudi officials also have reminded U.S. officials that they're increasing their capacity to produce more oil, now about 11.8 million barrels a day, but of course that doesn't bring any more actual oil onto the market.

Bush may not have agreed, but despite his close personal relationship with King Abdullah, he wasn't going to get anything close to what he sought. For the Saudis this is pure business. Eight years ago when Bush was running for president and the Clinton administration was trying to pry more oil out of OPEC the future president said that as a former oilman he would "jawbone" the producers and get them to "open their spigots."

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http://www.startribune.com/politics/19041619.html?location_refer=Nation