Saudis will produce more oil to lower prices
Some relief from those record gas and oil prices could be in pipeline. Said Arabia plans to begin pumping an extra half a million barrels a day.
After months of insisting that they have plenty of oil to meet real demand, the Saudis now say these prices are too much even for them, they are now willing to increase production and pump even more to lower the prices.
According to Peter Beutel, president of Cameron Hanover, the Saudis want people to keep using oil not just now but for the next 50 years, and with the current high prices alternative energy sources do become very attractive and Saudi Arabia can lose market for them.
Saudi Arabia is the world largest exporter of oil. They currently pump more than a $1 Billion dollars a day of oil.
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