In this article he paints their decline to increase oil output as an increase, and increase which was prior to his visit. This was a politically motivated visit and photo-op for a forgone conclusion.

Bush's own experience with his own Arbusto oil company--with a bin Laden for a partner--means that he understood in advance that his visit would make no difference.

Calling on increasing refinery capacity when the oil companies have deliberately reduced theirs to increase efficiency and profits, as well as pretending that an increase in domestic production would bring down price, is hypocritical and inaccurate. Presently refineries profits are declining. The decline of the dollar and war-fears on the trading market has led to the increase in price per barrel.

If an increase in domestic production won't bring down the price of oil, what good would an increase in Saudi production do? Fact is, the Saudis are probably a whole lot closer to their maximum production limits than we are and it is rather hypocritical of us to ask them to increase their production when we are unwilling to do the same.

Agreed. Note while the oil companies are making big profits, the Refineries (separate, unique operation) profits are declining enough to complain, hardly a scenario that justifies expansion (in their minds). Bush has admitted that refinery capacity was reduced by the oil companies, which he would know, while now calling for an increase in them.

Amazing how an administration that is probably the most stacked in oil executives (Condi, Cheney, Bush, etc.) has no answers on oil prices, nor do the (silent) Rockefellers on the other side of the political aisle!

Refinery capacity was reduced long ago when gas was cheap because they weren't profitable. But now because of all the regulations it is more profitable to limp along with what they have then try and build new refineries. The last refinery they built took ten years to gain approval, so even if they started now there would be no immediate relief. And everyone likes to complain about the oil companies making record profits, but they really didn't give a crap when they were barely making ends meet. they also don't seem to care that the government makes more in taxes on the oil companies and their products than the oil companies do. And those taxes end up being paid by the consumer in the end.