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COPYRIGHT 2005 The Dallas Morning News
Byline: G. Robert Hillman
Apr. 26--CRAWFORD, Texas -- Saudi Crown Prince Abdullah came calling at President Bush's ranch Monday with a new $50 billion investment plan designed to substantially boost Saudi oil production over the long term.
But while the Bush administration heralded the plan as a blueprint that could ease gasoline prices down the road, even the Saudis cautioned that it was no quick fix.
Saudi foreign affairs adviser Adel al-Jubeir emphasized the long-term nature of the plan. He pointedly noted that refineries in the United States were running near capacity and that the exploding economies in China and India were increasingly demanding more oil.
Additionally, he said, while the Saudis could squeeze out another 1.4 million barrels a day, the oil is the heavy crude not so eagerly sought by refiners. "But it is available," he said.
"It will not make a difference if Saudi Arabia ships an extra million...
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