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Saudis Promise More Oil For Bush
John Stith
Staff Writer
2005-04-25
 SecurityProNews RSS Feed
Oil fell today after assurances from Saudi Crown Prince Abdullah that they would continue to provide petroleum at high levels during his meeting with President Bush today. The prince said he felt oil supplies were adequate but that Saudi would produce the oil levels countries want.
Light sweet crude ended down 84 cents today closing at $54.55 after kicking up beyond $56 earlier today. This marks a major drop after last week's constants increases. Brent crude was down 58 cents to $54.39 a barrel.
Gasoline prices dropped as well although going as high as $1.69 cents a gallon and falling after the Saudi comments to $1.651. This could be welcome news for travelers as the summer season comes around and gas watchers are beginning to report drops averaging 4 cents less at $2.24 a gallon at the pump although still quite a bit higher the just a year ago.
All this comes on the heels of U.S. reports the crude and gasoline stocks were lower than projected last week and a number of U.S. refineries have problems running at capacity as the ConocoPhillips refinery stays down another week for maintenance. Also, Valero gets set to purchase Premcor to become the nations top oil refining company.
About the Author:
John is a staff writer for SecurityProNews covering cyber security.
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