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Fox News Guest: Saudis Will Help Republicans Win

Reported by Judy - September 9, 2006 -

AAA says gas prices are falling around the country because of a calm hurricane season and lower tensions in the Middle East, but a guest on Fox News claimed Saturday (September 9, 2006) that Saudi Arabia will keep gas prices low to help Republicans retain control of Congress. Conspiracy theory?

Appearing on "Bulls and Bears," Mike Norman of Biz Radio Network, predicted: "The Saudis no not want the United States to pull out of Iraq and they are going to do everything they can possibly do to make sure the Republicans win in November and they are the only country with excess capacity. They are pumping full out right now, in a situation where we already have a lot of crude inventories. They’re gong to drive the price of crude and gasoline down until the election."

Scott Bleier, of hybridinvestors.com, quickly tried to squelch that notion. "No way," he insisted flatly. "They don't care who wins, number one, and number two, they are pumpting every dro of oil they have. They have no capacity, no."

The Department of Energy's Energy Information Administration in its August 8 report lent some support to Norman's case, saying: "Surplus world crude oil production capacity, all of which is located in Saudi Arabia, is expected to increase slightly in 2006 and 2007 (World Oil Surplus Production Capacity) relative to 2005 levels, partly in response to the lowered oil demand expectations for 2006."

So apparently Saudi Arabia does have surplus capacity, which it could use to benefit its friends. That hand-holding between Bush and the Saudi prince looks a little more meaningful in that context.