Bush: Saudi Oil Boost 'Not Enough' to Lower Prices

SHARM el-SHEIKH, Egypt --- President George W. Bush on Saturday, May 17, argued for more domestic oil exploration and refining capacity and called Saudi Arabia's decision to raise oil output 300,000 barrels a day "not enough" to lower U.S. energy prices, Bloomberg reported.

Bush addressed reporters in Egypt after meeting with Afghan President Hamid Karzai before a World Economic Forum conference.

"Our problem in America gets solved when we aggressively go for domestic exploration," Bush said after the meeting with Karzai. "Our problem gets solved if we expand our refining capacity, promote nuclear energy and continue our strategy for the advancement of alternative energy as well as conservation."

On Friday, Saudi Arabia said its daily oil output would rise to 9.45 million barrels a day in June.

The U.S. Senate on May 13 defeated a plan to boost oil and natural gas drilling in the Outer Continental Shelf and Alaska's Arctic National Wildlife Refuge.

Last week, the Senate passed legislation to halt oil shipments to the Strategic Petroleum Reserve in hopes of easing fuel prices. In response, the Bush administration reversed its policy on the emergency reserve three days later and suspended purchases for the Strategic Petroleum Reserve.