Acta Diurna

On a visit to Riyadh, Saudi Arabia, the American president George W. Bush asked King Abdullah to increase Saudi oil production. This appeal aims to offset rising oil prices. Today, the barrel of petroleum has hit a new record high above 127 dollars.

The American plea occurred during the second stage of Bush’s farewell Middle East Tour. He addressed the Israeli Knesset in Jerusalem yesterday, and he will meet the Palestinian president Mahmud Abbas in Cairo tomorrow.

In fact, Bush and his administration feel the rising discontent of their people. Many Americans cannot afford to make full fuel anymore as gas prices reached a national average of 3.78 dollars per gallon at the pump.

But it’s not certain that a potential rise of the oil production will lower prices. Some economists believe that those values are driven up mainly by a bigger demand, especially from China and India. According to them, slowed productions have only a secondary impact.

However, it isn’t the first time that President Bush appeals to the Saudis to boost their production. He had already expressed this desire back in mid-January. At that time, Abdullah hadn’t met his ally’s expectations. It is likely that the Saudi king will disappoint them one more time.