posted on February 10, 2004 08:10:09 AM new
White House Hopes OPEC Won't Hurt U.S. Economy
Feb. 10 — WASHINGTON (Reuters) - The White House on Tuesday responded to news of a surprise OPEC decision to cut oil output limits by saying it hoped the cartel did not take actions that hurt the U.S. economy.
"It is our hope that producers do not take actions that undermine the American economy and American workers, and American consumers for that matter," White House spokesman Trent Duffy said.
OPEC on Tuesday agreed to the cut in oil output limits from April 1, a delegate said in Algiers, Algeria.
Duffy said the action underscores the need to pass Bush's stalled energy legislation, but conceded passage would not have an immediate impact.
"Had we passed an energy bill three years ago when the president called for one, we would have been in a lot better position to today to absorb market fluctuations of this kind," he said.
posted on February 10, 2004 08:19:09 AM new
Gasoline oughtta hit an all-time high this summer, then. Maybe it'll surge to $3.00 per gallon. 'Course, OPEC and the oil processors aren't exactly enemies; perhaps this is just another movement in the orchestrated effort of BP, Shell, Arco, et al, to price-gouge while seeming to bear no responsibility in the matter...
posted on February 10, 2004 10:03:56 AM new
Reamond - considering that OPEC is made up of eight nations how are you justifying the title of this thread (I mean other than by reaching as far as posible to relate anything to your Saudi hatred). The only mention of Bush in here is actually during a statement that calls upon American leadership.
Too bad you decided not print the rest of the article which explained the reseason for the cutback. Production levels are set to be reduced in the second quarter... which just so happens to coincide with what?.... Oh yeah.... SPRING! They are avoiding a flood of the market as demand lessens.
In the meantime they kicked their production levels up and actually ignored their existing production quotas to fill high demands the last couple months to keep prices from spiking.
The increase in domestic prices is made possible by knee jerks reactions by people that do not bother to learn the actual story.
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If it's really "common" sense, why do so few people actually have it?
[ edited by Fenix03 on Feb 10, 2004 10:04 AM ]
posted on February 10, 2004 10:19:23 AM new
That was the complete article from my source.
If you know about oil you'd know that Saudi Arabia can control 20% or more of the world out put.
That market percentage in fact makes SA the maker or breaker of oil markets, including any limits announced by OPEC.
In the meantime they kicked their production levels up and actually ignored their existing production quotas to fill high demands the last couple months to keep prices from spiking.
posted on February 10, 2004 10:39:23 AM new
I do know know about oil Reamond. I also know about OPEC and have enough common sense to be able to do a little reasearch on an article before I paste some irrelevent and inflamatory title to a piece of incomplete data.
Yes - the Saudis have one of the richest oil reserves on the planet however they and the rest of OPEC has been helpful to the US as well as the rest of the worlds demands for much longer than the three years Bush has been in office.
I love how you imply that Bush is begging now and once it is pointed out how incorrect that inplication is it's actually that he did it before. Before you try a smear campaign, you should clearly develop the storyline you are going to follow.
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If it's really "common" sense, why do so few people actually have it?
