Bush to urge Arab oil producers to diversify

Enlarge Photo U.S. President George W. Bush (R) meets with Saudi Arabian King Abdullah (L) outside the... Slideshow: Day in pics: May 16 08

Sun, May 18 01:22 PM

SHARM EL-SHEIKH, Egypt (Reuters) - U.S. President George W. Bush will warn Arab leaders on Sunday that their oil supplies are limited and they need to diversify their economies.

"The rising price of oil has brought great wealth to some in this region," Bush will say in a speech to the World Economic Forum here, according to an advance text of his speech. "But the supply of oil is limited, and nations like mine are aggressively developing alternatives to oil."

"Over time, as the world becomes less dependent on oil, nations in the Middle East will have to build more diverse and more dynamic economies," he will add.

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