U.S. President George W. Bush (L) and Saudi Arabia's King Abdullah sit together inside the Royal Terminal at the Riyadh-King Khaled International Airport in Riyadh, May 16, 2008. The world's top oil exporter Saudi Arabia told the world's largest energy consumer the United States it was ready to pump more oil, but saw no need to do so for now, a U.S. official said on Friday. (Xinhua/Reuters Photo)
SHARM EL-SHEIKH, Egypt, May 17 (Xinhua) -- Saudi
Arabia's recent gain in oil production is "something but it doesn't solve our
problem" caused by skyrocketing oil prices, U.S. President George W. Bush said
Bush made the remarks to reporters after a meeting
with Afghanistan President Hamid Karzai in the Egyptian Red Sea resort of Sharm
el-Sheikh, where he arrived earlier in the day to attend the opening session of
the World Economic Forum (WEF) on the Middle East on Sunday.
Bush told the reporters that "it's not enough. It's
something but it doesn't solve our problem," referring to Riyadh's decision last
week to raise oil output by 300,000 barrels per day (bpd).
"We've got to do more at home," Bush said, adding
that the U.S. must focus on alternative measures to ease the oil crisis.
"Our problem in America gets solved when we
aggressively go for domestic exploration. Our problem in America gets solved if
we expand our refining capacity, promote nuclear energy and continue our
strategy for the advancement of alternative energies as well as conservation."
Bush had reminded Saudi King Abdullah bin Abdul-Aziz
earlier this week that the soaring prices are inflicting the kingdom's biggest
oil customers, especially the United States.
Under the U.S. pressure for an increase in oil
production after Venezuela and Mexico slashed oil exports, Saudi Arabia has
raised on May 10 oil output by 300,000 bpd so that "supply and demand are in
balance," according to Saudi Oil Minister Ali al-Naimi.
Despite the output of 9.45 million bpd at present,
the Saudi oil minister promised that "if the need appears, Saudi Arabia has no
objection to producing more."