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Press Gaggle 08/08/06 (Topic: Foreign Oil Supply)
— Tuesday, August 08, 2006 —
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Q Could you just be a little bit more specific about what it is that Saudi Arabia and Mexico have agreed to do? I just want to make sure we have --

MR. SNOW: I've told you everything I know. The best thing to do is to -- I'd direct you to the Department of Energy, which has had these conversations. Again, there has been an offer of assistance if we have some shortages, petroleum shortages, that they apparently have offered to help But I don't want to get ahead of myself. I'd recommend calling DOE.

Q So you don't know the specifics of whether there's a trigger, in terms of the number of lost barrels or whatever?

MR. SNOW: I know nothing beyond what I've told you.

Q Does that indicate that they're not really, then, supplying stuff at capacity? I mean, we were under the impression everybody was pretty much tapped out, that's why oil prices were so high to begin with.

MR. SNOW: No, oil prices were high for a couple of reasons. Obviously, there is vigorous global competition, and also there are jitters about what's going on in the Middle East, Wendell. But, in terms of the vagaries of how much excess capacity, again, talk to the experts, not the White House Press Secretary.

Q Demand is not the reason?

MR. SNOW: No, demand is a serious reason, I just said that. There is not only demand here, but demand around the globe. I just am not competent to give you an assessment of what sort of swing capacity may still be available with the Saudis, the Mexicans or others.

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