AP
June 22, 2008
Sparks were already flying yesterday between the US energy secretary and oil-rich Saudi Arabia, which is hosting today's emergency summit in Jeddah between oil producers and major users in an effort to ease the gas crisis.
Energy Secretary Samuel Bodman rebutted claims by the Saudis, the world's biggest oil producer, that speculation in the oil markets was the cause of soaring crude prices.
The secretary blamed insufficient oil production for not keeping pace with growing demand, especially from developing countries like China and India.
Thirty-five countries, 25 oil companies and seven organizations are attending the conference.
Saudi Arabia is expected to officially announce an increase in its oil output by 200,000 barrels a day.
