The New York Times, in an editorial published today, characterized President Bush's request for more oil from Saudi Arabia as unseemly special pleading.

"The next president is going to have to do a lot more to reduce America's consumption of fossil fuels and its dependence on the Saudis," the Times said.

Fair enough. But the paper also said that the modest increase in Saudi production, "will do nothing to lower prices at American gas pumps or America's dependence on imported oil."

Actually, it would be very difficult to accomplish both goals simultaneously. It's true that the modest Saudi production increase of 300,000 barrels/day did nothing to lower prices. However, if the goal is to reduce US fuel use and dependence on imported oil, lowering prices by significantly increasing production would presumably encourage consumption at the pump and, in turn, increase US reliance on imported oil.

So, perhaps the Saudis are doing the US a favor because tight supplies and high prices may help the US curb its oil addiction. Of course, the next president (and Congress) will have to do more -- a lot more. But no more hat-in-hand visits to the Saudi royals.

Posted by Gerry Karey on May 20, 2008 | Permalink