Get used to high oil prices: Saudi King

Dubai, Jul 2 (PTI) Blaming energy taxes, speculation and
high consumption for soaring oil prices, Saudi Arabia's King
Abdullah said both producers and consumers should control
these factors to "soften" the impact on the people.
"Consuming countries should reduce taxes on petroleum
products if they really wanted to soften the burden on
consumers," King Abdullah said in an interview with Kuwait's
Assiyassah Arabic newspaper.
The king also asked consumers to get used to rising oil
prices as there were l chances of its going down.
"We have nothing to do with the current sharp increase in
oil prices. But these are still cheap compared to prices of
alternative energy products available," the King was quoted as
saying.
The King has asked oil producing and consuming countries
to find out the real reasons of unprecedented surge in prices
which have crossed USD 140 per barrel and tackle them in a
clear and transparent manner.
He said Saudi Arabia has always called for a reasonable
price for oil, without causing harm to consumers as well as
producers.
"We adopted this policy to protect the interest of the
whole world," he added.
However, the king said he did not believe that an
increase in output would stop speculative trade.
"Speculators believe that oil prices will remain high and
these viewpoints do not concern us as producing countries. We
present our products in the world market in accordance with
real prices, whether they are high or low," he said.