Tuesday, March 18, 2008

Bowing before the King

Bush to Saudis: Can you help us out on these oil prices? Saudis: Nope

Friend and Ally Update: "Saudi oil minister: Kingdom will raise production only if market justifies it," from Associated Press (thanks to the Constantinopolitan Irredentist):

From Jihad Watch

Continuation of http://islamicdangerfu.blogspot.com/2008/01/things-are-not-as-bad-as-you-might.html

RIYADH, Saudi Arabia - Saudi Arabia will raise oil production only when the market justifies it, the kingdom's oil minister said Tuesday, in response to President Bush's request that OPEC nations increase output to reduce world oil prices.
"Our interest is to keep oil supplies matching demand with minimum volatility in the oil market," Oil Minister Ali Naimi told reporters. "We will raise production when the market justifies it. This is our policy."

Naimi said inventory levels appear to be "normal," adding, "we want the inventories to be healthful, but we don't want it to be extremely high or extremely low."

Earlier Tuesday in Riyadh, Bush warned that soaring oil prices could cause an economic slowdown in the United States.

"High energy prices can damage consuming economies," the president told a small group of reporters traveling with him in the Mideast.

Saudi Arabia holds the world's largest supply of oil. Bush said U.S. consumers are feeling the pain of rising oil prices, which topped $100 a barrel this month.

"When consumers have less purchasing power, it could cause the economy to slow down," Bush said. "I hope OPEC nations put more supply on the market," he added. "It would be helpful."

Please, sir!

Posted by Robert at January 15, 2008 3:23 PM


1 comment:

  1. I'll try to keep it as simple as I can, with simple economics. You do know that oil reached $110 because Bush kept printing money to fund him and his oil fiends in the oil industry and his contractors in the Iraq war. A barrel of oil on January 20,2000 when Bush entered office was hovering around $32.