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Bush says Saudi oil boost doesn't solve US problem
By AP STAFF
Associated Press
May 19, 2008

SHARM EL-SHEIK, Egypt (AP) -- President Bush said Saturday that the Saudis' modest increase in oil production is ''something but it doesn't solve our problem'' of soaring gas prices.

Taking note of the kingdom's recent decision to raise production by 300,000 barrels a day, the president said the United States must act, too, to ease the gasoline crisis. He mentioned steps such as developing alternate fuels, improving conservation and expanding domestic exploration.

''We've got to do more at home,'' the president said on a lawn of a resort overlooking the Red Sea. He spoke after a private meeting with Afghanistan President Hamid Karzai.

Bush said he told Saudi King Abdullah during their talks this week that the king should be concerned that high energy prices are hurting some of Saudi Arabia's biggest oil customers, including the United States.

The kingdom decided May 10 on the production increase to help meet U.S. needs after Venezuela and Mexico cut back on oil deliveries. Oil minister Ali al-Naimi made that announcement Friday.

''One of the interesting things about American politics is, those who are screaming the loudest for increased production from Saudi Arabia are the very same people who are the fighting the fiercest against domestic exploration, against the development of nuclear power and against expanding refining capacity,'' Bush told reporters.

''So I was pleased they had increased production by 300,000, but I'm also realistic to say to the American people, we've got to do more at home,'' the president said.

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.

SHARM EL-SHEIK, Egypt (AP) -- President Bush says the Saudis' higher oil production is ''something but it doesn't solve our problem.''

Bush is taking note of the kingdom's recent decision to raise production by 300,000 barrels a day and says the United States must act, too, to ease the gasoline crisis. Steps include developing alternate fuels, improving conservation and expanding domestic exploration.

''We've got to do more at home,'' the president said Saturday.

Bush said he told Saudi King Abdullah that he should be concerned that high energy prices are hurting some of Saudi Arabia's biggest oil customers, including the United States.

The kingdom decided May 10 on the production increase to help meet U.S. needs after Venezuela and Mexico cut back on oil deliveries.

Copyright 2008 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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