Saudis Cut Oil Exports to U.S., Driving Up Gasoline Prices

(Reuters/Washington Post) Tom Doggett - The Energy Department is investigating the recent spike in gasoline prices, which jumped a record 12 cents a gallon in just one week. Meanwhile, a group of 32 Democratic senators on Thursday urged the Bush administration to tap the Strategic Petroleum Reserve to get more oil in the market. The lawmakers, citing preliminary data from the Energy Information Administration, accused Saudi Arabia of influencing U.S. gasoline prices by cutting oil exports to the U.S. According to the EIA, imports from Saudi Arabia during the first three weeks of August fell by 25% to 1.5 million bpd from 2 million bpd. "Americans are getting gouged when they drive on vacation because the Saudis have cut back our fuel supply," said Democratic Sen. Charles Schumer. "We have got to find a way to convince the Saudis that for the sake of the relationship they have with this country that they need to resume the export level," said Senate Democratic Leader Tom Daschle.


2003-09-05 00:00:00

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