Скачать или смотреть WRAP Bush meets Saudi Crown Prince, comments on oil price

(26 Apr 2005)

1. US President George W Bush and Vice-President Dick Cheney
2. UPSOUND: (English) George W. Bush, US President:
"That depends on the supply and demand. One thing is for certain: The price of crude is driving the price of gasoline. The price of crude is up because not only is our economy growing, but economies such as India and China's economies are growing. Here comes my guest. Anyway, nice going - you got me to answer some questions."
3. Various as Bush and Cheney greet Crown Prince Abdullah bin Abdul Aziz and his entourage, Bush and Prince Abdullah kiss
4. Various handshakes
5. Bush leads Prince Abdullah by the hand through flower garden

6. Adel al-Jubeir, Foreign Affairs Advisor to Crown Prince Abdullah, walking to microphones at news conference
7. Al-Jubeir talking with reporters
8. SOUNDBITE: (English) Adel al-Jubeir, Foreign Affairs Advisor to Crown Prince Abdullah:
"Saudi Arabia believes that the price of oil should be at reasonable levels that do not harm consumers or do not harm producers. We believe that long term, high oil prices in the long term hurt consumers by slowing economic growth, they also hurt producers by slowing demand growth. We also believe that low oil prices hurt producers in the short term, but hurt the world economy in the long term by encouraging inefficiency, waste in consumption."
9. Reporters
10. SOUNDBITE: (English) Adel al-Jubeir, Foreign Affairs Advisor to Crown Prince Abdullah:
"We believe that the price of crude oil does not reflect the fundamentals of supply and demand. There is no shortage of crude oil in the world today. What we see is a shortage of refining capacity as well as shortages in infrastructures and so forth, that drive the price of product up. It will not make a difference if Saudi Arabia ships an extra million or two million barrels of crude oil to the United States. If you cannot refine it, it will not turn into gasoline and it will not turn into lower prices."
11. Wide shot of news conference

12. United States Secretary of State Condoleezza Rice and National Security Adviser Steven Hadley walk to podium
13. Cutaway reporters
14. SOUNDBITE: (English) Stephen Hadley, US National Security Adviser:
"It again seemed a very good plan because it addresses the underlying issue you have when you talk about price, which is an issue of availability of oil and availability of capacity and the importance of course expanding capacity and the production capacity is that it makes the oil available and helps stabilise the market at a price level which both the United States and Saudi Arabia agree needs to be one that provides adequate return for investment but is also something that isn't so high that it damages markets and damages the world economy."
15. Reporters

STORYLINE:

US hopes that Saudi Arabia could help relieve the pressure on surging petrol prices, by pumping more crude from its huge reserves, were dealt a blow on Monday when a key adviser to Crown Prince Abdullah said they had little more to offer beyond the plan outlined last week.

US president George W. Bush and Abdullah met for several hours at the president's ranch in the state of Texas, where the Saudis presented a plan outlined last week, to increase production capacity to 12.5 (m) million barrels per day by 2009 from the current 11 (m) million limit.

Adel al-Jubeir, Prince Abdullah's foreign affairs adviser, blamed the high prices on a lack of adequate refining capacity in the United States and elsewhere.




US crude oil prices hit record highs in April, briefly topping 58 US dollars a barrel.


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