Hey, lookee there. The Rooskies got oil.

Russian President Vladimir Putin Saturday pledged to supply more oil to the American market, while at the same time urging more U.S. investment in Russia.

Meeting with top executives from U.S. corporations, Putin said Russia would continue to expand output of oil and natural gas and expected to ship 50 million tons of oil annually to the U.S.

"We will step up the extraction of oil and gas, increase energy exports and expand cooperation with the leading companies, including [those in] the U.S., in our mainland, on the Barents Sea shelf, on the Sakhalin Island and other regions," he said.

Putin said the increases would contribute to global and American economic and energy stability.

Last October, Russia announced plans to ship 40 million tons of LNG from Sakhalin island in Russia's Far East to the U.S. over 20 years, starting in 2008.

Putin met at the weekend with top executives from Citigroup, ConocoPhillips, Alcoa and IBM at the Konstantinovsky Palace near St. Petersburg. (Thanks to CNS News for the heads up.)

Here's the deal we offer Putin:

We build all the wells, oilfields, piplines, terminials, etc. the Russians want. At our expense.

We contract with them to buy ALL the oil they want to export for the next fifteen years at a price agreed upon by the two parties today. They are not permitted to sell their excess to anyone else for those fifteen years.

After the contract expires, we re-negotiate.

BTW, how about some tax breaks for refinery building?