‘Saudi Arabia’s ambassador to the U.S. has promised President George W. Bush the Saudis will reduce oil prices before this November’s election to help the U.S. economy, according to Bob Woodward, author of a new book about the Iraq war.

Oil prices are “high, and they could go down very quickly,” Woodward said last night in an interview on CBS’s 60 Minutes.’

“That’s the Saudi pledge,” said Woodward. “Certainly over the summer or as we get closer to the election they could increase production several million barrels a day and the price would drop significantly.” ‘ — Bloomberg