OK oil producer says energy policy needed to stabilize prices

(Tulsa-AP) -- Oil prices are expected to hold following on OPEC agreement to boost oil production.

But the president of Tulsa's Lariat Petroleum says prices won't be stable until the United States develops a domestic energy policy.

Randy Foutch says it's hard for oil companies to take advantage of the high prices when they aren't sure what OPEC's next move might be. He says it can take two to three years to get drilling equipment and personnel together.

OPEC agreed to boost oil production by 800-thousand barrels a day. The new quota takes effect October first.

Analysts say the bulk of the increase will serve only to legitimize extra barrels that OPEC members already are estimated to be producing each day. They expect only a meager impact on prices.