Saudi Diplomat Refuses to Commit to Boosting Oil Production, Claims Increasing Production Won't Really Help U.S. Gas Prices

Saudi Diplomat Refuses to Commit to Boosting Oil Production, Claims Increasing Production Won't Really Help U.S. Gas Prices: 

Al-Jubeir answered, “Not in — with specificity because the president knows that [the] energy issue is an issue of supply and demand. It’s an issue of balancing markets. Saudi Arabia’s committed to ensuring stability in the oil markets. The U.S. government is aware of this. The issue of increases in prices of gasoline that we’ve seen recently are really a function of geopolitics and psychology more than they are about fundamental supply/demand. The problem of gasoline in the United States is more a function of the lack of refining capacity in the United States than a shortage of actual crude oil.”