Saudi Diplomat Refuses to Commit to Boosting Oil Production, Claims Increasing Production Won’t Really Help U.S. Gas Prices – By Ian Hanchett (Breitbart) / July 15, 2022
During an interview aired on Friday’s edition of CNN’s “Situation Room,” Saudi Minister of State for Foreign Affairs Adel al-Jubeir, who was inside President Joe Biden’s meeting with Saudi Crown Prince Mohammed bin Salman, refused to commit to boosting oil production, denied Biden pressed them on the issue, and argued that “The problem of gasoline in the United States is more a function of the lack of refining capacity in the United States than a shortage of actual crude oil.”
Host Wolf Blitzer asked, “Did President Biden ask you, Saudi Arabia, to increase oil production with the hope that it would reduce the price of gasoline in the United States?”
Al-Jubeir answered, “Not in — with specificity because the president knows that [the] energy issue is an issue of supply and demand. It’s an issue of balancing markets. Saudi Arabia’s committed to ensuring stability in the oil markets. The U.S. government is aware of this. The issue of increases in prices of gasoline that we’ve seen recently are really a function of geopolitics and psychology more than they are about fundamental supply/demand. The problem of gasoline in the United States is more a function of the lack of refining capacity in the United States than a shortage of actual crude oil.”
Blitzer then asked, “But is Saudi Arabia ready to increase oil production?”
