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Saudis deny oil prices tied to bush election { April 20 2004 } Original Source Link: (May no longer be active)    http://www.usatoday.com/news/world/2004-04-20-saudi-us_x.htm http://www.usatoday.com/news/world/2004-04-20-saudi-us_x.htm Last Updated: Tuesday, 20 April, 2004, 14:03 GMT 15:03 UK Saudis deny oil prices tied to U.S. vote RIYADH, Saudi Arabia (AP) — Saudi Arabia has denied accusations that it has an agreement with the White House to increase oil production closer to the Nov. 2 election, thus driving down gasoline prices. "The allegation that the kingdom is manipulating the price of oil for political purposes or to affect elections is erroneous and has no basis in fact," said a statement issued in Riyadh by top Saudi foreign policy adviser Adel al-Jubeir. (Related story: Kerry criticizes gas deal) "Over the past 30 years, the kingdom has sought to ensure adequate supplies of crude at moderate price levels that are acceptable to both producers and consumers. This policy is consistent, and independent of who is in power within consuming countries, including the U.S.," al-Jubeir added. CBS's 60 Minutes reported Sunday night that Washington Post journalist Bob Woodward said Prince Bandar bin Sultan, the Saudi ambassador to Washington, promised Bush that Saudi Arabia will lower oil prices in the months before the election to ensure the U.S. economy is strong on Election Day. "That's the Saudi pledge," Woodward told 60 Minutes for a report on his book about the Iraq war, Plan of Attack, to be released Tuesday. "Certainly over the summer or as we get closer to the election they could increase production several million barrels a day and the price would drop significantly." Democratic presidential candidate John Kerry referred to the allegations on oil production on Monday. "If it is true that gas supplies and prices in America are tied to the American election, tied to a secret White House deal, that is outrageous and unacceptable to the American people," Kerry said. White House spokesman Scott McClellan said Prince Bandar bin Sultan, the Saudi ambassador to Washington, visited the White House in April and that Bush keeps in touch with oil-producing nations. "We've made our views very clear, that oil prices should be determined by market forces," McClellan said. Bandar said there was no plan to increase oil production. In his statement, al-Jubeir said it was "natural for any administration to discuss the status of oil markets when prices spike. "If the spikes are a function of shortages of supply, we rectify it with the other producers. If they are a function of other factors, we try to deal with them accordingly," he said. The Organization of Petroleum Exporting Countries, of which Saudi Arabia is a leading member, had announced at the end of March that it would cut its crude oil production target by 4%. That decision was expected to push prices higher — and U.S. motorists already have been paying the highest prices in recent years for gasoline. -------------------------------------------------------------------------------- Copyright 2004 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Airline industry blames feds for high oil prices Airlines industry accuses bush of raising oil prices Bush chided for oil prices Bush disappointed with opec but saudi says no contact Bush will not use oil reserves for gas prices California prices will rise more China oil consumsion driving up market { August 31 2004 } Crude climbs to record high end of july { July 27 2004 } Crude drops as supply threats from iraq russia diminish Crude falls below 43 end of august { August 26 2004 } Crude futures rose to six week high after withdrawal storage Crude oil 4 week high on storm related shutdowns { September 18 2004 } Crude oil futures near 44 a barrel Crude oil gains as yukos prompts supply concern Crude oil hits 45 a barrel { August 10 2004 } Crude oil near record above 51 early october Crude oil nears 50 a barrel Crude oil rises above 55 on report of heating oil supply drop Crude oil rises after saudi attack Crude oil surges above 48 end of september { September 22 2004 } Fear factor adding to oil price says saudi oil minister Fear of opec cuts drive oil prices up { March 5 2004 } Fire strikes third largest oil refinery Firms to sign deals with libya { March 28 2004 } Former shell chairman was warned of reserve issues { March 8 2004 } Gas prices force crude awakening on miami motorists Gas prices hit record fourth week april Gas prices hit record level { March 12 2004 } Indonesia warns high oil prices all summer 2004 { May 10 2004 } Investors drive up oil prices despite opec assurance Nobody believes opec will cut production Oil boils near record high OPEC helpless { May 20 2004 } Oil climbs near 42 a barrel Oil companies making piles of cash Oil eases below 50 on election day Oil heads higher in sight of 40 dollars on supply fears Oil hits 13 year high amid low inventories { April 28 2004 } Oil hits record over 44 a barrel Oil holds at 40 a barrel for 3rd day { May 13 2004 } Oil price hits highest level since 1990 Oil prices briefly fall below 48 mid november Oil prices hit highest level since iraq war { January 13 2004 } Oil prices rise after more terror attacks Oil prices rise amid iraq yukos troubles Oil prices rise on iraq fears norway outages { June 18 2004 } Oil prices spike with gas prices Oil prices strong because supplies stretched Oil prices tumble 6 days from election Oil reaches 54 a barrel on winter supply concerns Oil rebounds after iraq pipeline attack Oil reserves fill during price hike { May 17 2004 } Oil up in july Opec actually raising output { March 27 2004 } Opec boosts oil output during price increase OPEC boosts production target 1 million Opec has lost control over oil prices { September 24 2004 } OPEC powerless to stem oil price surge { May 12 2004 } Opec produces over million barrels a day more than promised Opec production cuts { March 20 2003 } OPEC pumping oil at the fastest rate in 52 years Opec says demand not speculators driving market Opec says supply is plenty Opec to cut output by 1m a day Prices fall during august gop convention Rally trigged by news of pipeline explosion Rising oil demand challenges tired saudi fields { February 24 2004 } Saboteurs bomb iraqi pipelines to baghdad Saudi production increase has no effect { May 24 2004 } Saudis deny oil prices tied to bush election { April 20 2004 } Saudis try to calm oil prices for americans Senator claims oil companies for gas prices { May 26 2004 } Shell cfo replaced in reserve estimate contraversy { April 8 2004 } Shell cuts reserves for second time as probe widens Shell officer ordered reserves report destroyed { April 16 2004 } Shell production in oman declined rapidly in 1997 { April 8 2004 } Shell reclassified more of its reserves Shells ties to nigeria affect reserve figures { March 19 2004 } Shortage fear unabated price of oil rises again { July 31 2004 } Smaller cars gain ground as gas prices climb { May 20 2004 } Yukos stops sales oil hits 21 year high Files Listed: 80

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