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President Bush, after traveling to Israel and other parts of the Middle East, stopped off in Saudi Arabia yesterday to discuss the rising cost of oil with King Abdullah. After a meeting on Friday, the Saudis announced that they won’t be increasing production anytime soon, stating that while oil demand is high, consumer are not facing an oil shortage. This was the second trip to Saudi Arabia for the president this year. In a visit in January, the president also made a request for boost in oil production to ease cost pressures but was soundly rejected. Saudi Arabia is the largest supplier of oil to the United States.

In response to US criticisms, the Saudis have stated that they already made a slight increase in output this month. Ali al-Naimi, the Saudi oil minister, stated that the country had increased its production by 300,000 barrels a day on May 10 in response to customer requests. Despite the increase, gas prices have continued to rise. The Saudis have repeatedly stated that more oil on the market wouldn’t necessarily lead to lower gas prices.

While the president wants an increase in production, many economists think that low production is not the only reason for high fuel prices. Inflated market speculation, the weak dollar, and higher demand from the developing world are driving world oil prices higher. Oil demand is still growing in Asia, where subsidized prices cushion consumers from record oil prices. In the US, however, the high cost of oil has actually led to a slight dip in consumption, the first time gasoline use has fallen in the last fifteen year.