Wednesday, Apr 27, 2005
Wednesday, Apr 27, 2005 |
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Sridhar Krishnaswami
The Saudi Crown Prince Abdullah kisses the hand of a baby during a visit to a restaurant in Crawford, Texas, U.S., on Monday. — AP
WASHINGTON T: hough the U.S. President, George W Bush, is said to have pressed Saudi Arabia's Crown Prince Abdullah to increase the flow of oil, no agreements have come about to give any short term relief at the pumps. Instead the buzzword from Texas is "long range plans". "The Crown Prince understands that it's very important to make sure the price is reasonable. A high oil price will damage the markets, he knows that," Mr. Bush told reporters before the meeting. After the meeting, the Secretary of State, Condoleezza Rice, said "I think the President has recognised in a series of steps that he's taken over the last few years that we have not a short-term problem but a long-term problem that needs to be addressed." The National Security Adviser, Stephen Hadley, said the meeting "ought to be good news for the markets" but quickly added "But as you know, these markets are complicated business." Crude oil prices are hovering around $55 per barrel in recent weeks or twice the price from two years ago and Americans are forking out an average of $2.22 per gallon. The fear is that this will go up during the summer months.
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