March Madness -- Saudi Moving To Calm Fears -- But Few Details

Drudge: gasoline -- highest price recorded in March history

Financial Times story here.

Saudi Arabia is taking steps to cool the overheating global energy market, boosting its exports to the US and re-opening old oilfields to expand production, as the world’s largest oil producer tries to prevent damage to the global economic recovery. 

The Saudi cabinet on Monday said the kingdom would work “individually” and with others for the “return [of] oil prices to fair levels.” Riyadh recently said it aimed to keep oil prices at $100.

And then this:

The kingdom has not yet publicly disclosed its moves, but Gulf and western officials and traders said the kingdom was boosting its oil exports to the US, after hiring more super-tankers last week. They said it was also reviving production at oil fields mothballed decades ago.

So, we will see. 

By the way, President Obama will be at a Carlsbad, New Mexico, oil field on federal land tomorrow, as well as a photo op at Cushing, Oklahoma, later. Rumors are he will mention that he supports the southern portion of the Keystone XL pipeline which will run from Cushing to the gulf.

Wow, banning oil from Canada -- bright idea.  [Update: March 20, 2012 -- energy workers not too happy with President Obama showing up in Cushing, Oklahoma.]