President George W. Bush this week suggested building more oil refineries on closed military bases to help increase future production.
Even as the oil industry announced its hefty profits, this week offered motorists some hope for modest price relief at the pumps.
Oil prices have fallen during the past week after Saudi Arabia pledged to increase oil production and a government report of slower US economic growth, a phenomenon that often foreshadows a drop in energy demand.
This week's shift convinced some industry observers that oil prices won't go any higher than they were earlier this month when they soared past US$57 per barrel. "We have broken the back of this bullish market," said Peter Beutel, president of Cameron Hanover Inc., an oil trading advisory firm in New Canaan, Conn.
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