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…On August 3rd, US Energy czar Sam Bodman had loudly voiced concern the US economy was


There’s a good chance Riyadh might heed the call for more oil, after the Bush administration said it will ask the US Congress to approve an arms-sale package to Saudi Arabia, the United Arab Emirates, Kuwait, Qatar, Bahrain and Oman, that may total more than $20 billion. The package includes advanced satellite-guided bombs, fighter-aircraft upgrades and new naval vessels. Bush wants to lock in the 10-year deal for the US military-industrial complex, before he leaves office.

OPEC has already boosted its oil output by 250,000 bpd since April to 26.75 mil bpd today. In a surprising move on August 6th, Saudi Arabia lowered the price for its best blend, Extra Light crude by $4 per barrel to US customers. Still, Riyadh may wait for confirmation that the president’s