US Treasury Secretary, in its upcoming trip to Middle East, is planning to promote foreign investment in oil production so that oil supply will boost. As part of his visit to Mid-east countries, Paulson is planning to tell the officials of Saudi Arabia and other oil-rich countries that the current soaring oil prices pose a significant burden on global economy.
"The key message that he will highlight is that record high oil prices are putting a significant burden on the global economy. They are also putting a significant burden on families and consumers, not just in the United States, but around the world," McCormick said in a briefing to preview Paulson's weekend trip.
McCormick said Paulson would be urging "all countries to open up their oil markets to investment that boosts yields, exploration and production." He said that message would not be aimed at any specific country but to all oil producing nations because a significant number of them are "walled off to private investment."
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