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By
Associated Press/ CNN Newsource
.
Published: Sun, June 22, 2008 - 1:30 pm
produce more oil if its customers need it.
But Saudi King Abdullah has told those gathered at an oil summit
he hosted today that recent production levels aren't why prices
have climbed so high.
His statement came even as U.S. and other oil consumers pressure
the Saudis to increase output. Modest increases will begin in July,
though that hasn't affected prices yet.
The king says he blames speculators, high fuel taxes in
consuming countries and increased oil consumption in developing
economies.
A final statement from the summit says it's important to find
the right supply and demand balance, while also making the markets
trading oil more transparent.

Not every one will be able afford a new car of any kind. But we’ve got to start now using all of our options to cut dependency on imported oil. That includes electric and fuel cell cars, solar power,and increased drilling and refining not to mention conservation. To get the production of any of these up to sustainable levels would probably take equal amounts of time before we can reap the benefits. having electric cars is not gonna do it by them selves or drilling by it self. We have to implement all of these measures.