Saudi Arabia needs to increase oil production to lower gas prices

Posted by Staff on May 13, 2008 |

At a press conference following the vote on the Democratic proposal to stop filling the Strategic Petroleum Reserve, Sen. Charles Schumer (D-NY) says that Saudi Arabia is currently producing two million barrels of oil per day below its capacity. If it increased production by one million barrels, he said, prices would likely lower by 50 cents within a month or two. (0:36)

 
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May 13, 2008
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