US cautious over Saudi announcement

U.S. legislators are responding cautiously to statements from Saudi Arabia that hint at possible further increases in oil production, saying the United States must do more on its own to reduce its dependency on foreign sources of fuel.

Saudi Arabia's oil minister (Ali al-Naimi) says the kingdom is willing to boost crude oil production if sufficient demand exists for the commodity. The remarks came at an oil summit in Jeddah, where Saudi Arabia said it is already increasing production by 200,000 barrels per day, but would consider an even higher output.

In Washington, the chairman of the House Select Committee on Energy Independence, Massachusetts Representative Edward Markey, seemed unimpressed by the Saudi pronouncement.

"It may have a marginal impact [in moderating oil prices]," said Congressman Markey. "But in the end, this crisis is really caused by 12 years of Republican control of Congress. We have gone from 46 percent dependence [on foreign oil] when the Republicans took over the House and Senate in 1995 to 61 percent dependence on imported oil today. We have had an oil and gas agenda. We have thwarted the renewable energy agenda."

Markey was speaking on ABC's This Week program. Democrats took control of both houses of Congress in the 2006 elections.