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Powerless on Oil Prices With oil prices soaring to $109 a barrel in an election year, the White House is getting jittery. President Bush is despatching vice-president Dick Cheney to Riyadh on Sunday to urge King Abdullah to raise the kingdom's oil output to reverse the price rise.The chances of Cheney's success are slim: at Opec's quarterly meeting in Vienna last week, where Saudi Arabia is a leading player, the organisation decided against raising production. In any case, the Bush administration's plea is based on assumptions that are invalid or outdated.

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Powerless on Oil Prices

With oil prices soaring to $109 a barrel in an election year, the White House is getting jittery. President Bush is despatching vice-president Dick Cheney to Riyadh on Sunday to urge King Abdullah to raise the kingdom's oil output to reverse the price rise.The chances of Cheney's success are slim: at Opec's quarterly meeting in Vienna last week, where Saudi Arabia is a leading player, the organisation decided against raising production.

In any case, the Bush administration's plea is based on assumptions that are invalid or outdated.