Era of cheap oil over - analysts

(02:13) Report

Jun. 23 - Saudi Arabia promised to boost oil output, but prices moved higher with analysts saying the era of cheap oil is over.

The White House welcomed Saudi's output increase, but sought to dampen any expectations that it would do much to ease record U.S. gasoline prices.

Deborah Lutterbeck reports from Washington.

SOUNDBITES:

  • Dana Perino, White House Press Secretary
  • Stephen Kretzman, OilChange International

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