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Bush: Not raising oil output would be OPEC's 'mistake' |
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By Klaus Marre
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Posted: 03/04/08 01:33 PM [ET] |
President Bush on Tuesday strongly criticized the Organization of Petroleum Exporting Countries (OPEC), saying the oil cartel would be making a “mistake” if it does not increase output.
“I think it’s a mistake to have your biggest customer’s economy slow down, or your biggest customers’ economies slowing down, as a result of high energy prices,” Bush told reporters following a meeting with King Abdullah of Jordan.
I were a member of OPEC, I’d be concerned about high energy prices causing people to buy less energy over time,” Bush added.
The president recently traveled to the Middle East and advocated an output increase on his trip. High oil prices have become a drag on the U.S. economy.
“My advice to OPEC — of course they haven’t listened to it — but my advice to OPEC is to understand the consequences of high energy prices, because I do, and I understand this is affecting our American citizens,” Bush stated. “It’s making it harder for people to be able to drive, and it’s making it tough for families to save.”
The president added that high oil prices also make countries look at alternative sources of energy. Bush is a strong proponent of making the U.S. less dependent on foreign sources of oil.
“The higher energy prices stay, the more likely it is countries will quickly diversify,” Bush concluded. “And that’s part of our strategy.”
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