High oil prices tough on economy, Bush says

[maddezmom]

Source: Reuters

RIYADH (Reuters) - President George W. Bush said on Tuesday oil prices were "very high" and tough for the U.S. economy to bear.

He said he would discuss the issue with the king of OPEC powerhouse Saudi Arabia. Oil prices are around $95 a barrel.

The Organization of the Petroleum Exporting Countries should keep in mind the effect of high energy costs on the economy when it considers output policy, Bush said during a visit to Saudi Arabia, the world's largest oil exporter.



"I would hope that as OPEC considers different production levels that they understand that if .... one of the biggest consumers' economy suffers it means less purchases, less oil and gas sold," Bush said at a round table meeting with entrepreneurs.

Bush said he would talk to the Saudi king later on Tuesday "about the fact that oil prices are very high, which is tough on our economy".



Read more: http://today.reuters.com/news/articlenews.aspx?type=domesticNews&storyid=2008-01-15T114029Z_01_L15521959_RTRUKOC_0_US-BUSH-OIL.xml

[dipsydoodle]

1. Given that any oil producing country

can only sell what may well be their only natural asset once - saying :
"I would hope that as OPEC considers different production levels that they understand that if .... one of the biggest consumers' economy suffers it means less purchases, less oil and gas sold," is about all you can expect from someone with a IQ lower than their collar size.

[KeepItReal]

2. Did he also say, "....now watch this drive!" ?

[0007]

20. Egads!! Is junior prostituting himself for us?

What a guy. Taking one for Amerkica!!!!

[Yavapai]

3. ...and now they want to add 40 cents a gallon tax on top of it???

[ohio2007]

5. that's the money needed to pay for road repairs congress will look into. nt

[ohio2007]

4. His one man crusade looking to OPEC to bail out the economy continues....

snip
The $12.5 billion investment from outside investors included $6.88 billion from the Government of Singapore Investment Corp. for a 4 percent stake. Other investors were Capital Research Global Investors, Capital World Investors, the Kuwait Investment Authority, the New Jersey Division of Investment, shareholder Prince Alwaleed bin Talal of Saudi Arabia and former chief executive Sanford Weill and his family foundation.

The $12.5 billion adds to the $7.5 billion that Citi got in November from the Abu Dhabi Investment Authority in exchange for a 4.9 percent stake in the company.

The moves were widely anticipated on Wall Street after months of scrutiny over the bank's ratio of cash to debt.
...
snip
http://biz.yahoo.com/ap/080115/citigroup.html?.v=2

[Dr.Phool]

6. No shit Sherlock!

Graduate of the Harvard School of the Blatantly Obvious.

[Kittycat]

11. LOL, the same thing came to my head when I read the title: NSS

[bluerum]

7. Hmm. 5 years ago he was singing the praises of allowing oil corps. to raise

prices and drive the economy.

How many times do his supporters have to get shit on before it sinks in,,, ?

[KansDem]

12. 8 years ago he was telling us the US president needed to "jawbone" with OPEC...

REID CALLS ON BUSH TO DELIVER ON HIS PROMISE TO 'JAWBONE' OPEC
April 25, 2005


Democratic Leader Harry Reid released the following statement in response to the President's meeting with Saudi Crown Prince Abdullah:

"When it comes to energy, the American people are still waiting for President Bush to keep his promises. Over five years ago, he pledged to 'jawbone' OPEC nations like Saudi Arabia to bring down the price of gas. As Americans continue to pay dearly at the pump, today's meeting with the Saudi Prince would be a good time for the President to start delivering on this pledge.

"And following the meeting, I hope President Bush will join Senate Democrats in finding real solutions to America's energy crisis. It is in our economic interest, our security interest and our national interest to recognize the energy challenges before us and work together towards energy independence."

Bush Claims High Gas Prices are Out of His Control. Bush: "I wish I could simply wave a magic wand and lower gas prices tomorrow. I'd do that. Unfortunately, however, gas prices are a problem that has been years in the making."

SDCC

So when does Bush start jawboning OPEC?

[MilesColtrane]

23. "Jawboning"?

Is that some sort of slang for fellating?

[Hand]

24. OPEC to Bush...

We got yer jawbone right here, Chimpy!

[Doctor_J]

25. Yes, because oil was all the way up to $22

Piece of shit

[bluerum]

29. Closed door sessions w/oil energy execs - can't imagine that they were pressured

to lower prices. Of course we will never know.

They probably had a map of the middle east on the wall and sat there drooling into their Jack Daniels.

[pleah]

8. Gee G(godless) W(warmongering) B(bastard), ya think?!!

[Deny and Shred]

9. Expand refining capacity to lower prices

Yes, oil is an increasingly scarce commodity, but refining is the bottleneck in the production chain. Despite years of $20+billion in revenues, a firm like Halliburton finds in nearly impossible to build new capacity, due to a hazy long-term outlook on its profitability. Miraculously, they find it prudent to keep refining capacity low, i.e. supply of gas low, and the profit per barrel enormous. Good thing they get so many tax breaks. The free market solves another one with windfalls for corporations, and the shaft to the middle class.

[bdamomma]

10. I am sure he said with a smirk on his face, he is on a full assault

of the American people "you're with me or against me?" huh you POS!

[paparush]

13. Bush Urges OPEC to Pump More Oil

Source: AP

RIYADH, Saudi Arabia - President Bush urged OPEC nations on Tuesday to put more oil on the world market and warned that soaring prices could cause an economic slowdown in the United States.
ADVERTISEMENT

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

"It's affected our families. Paying more for gasoline hurts some of the American families, and I'll make that clear to him," said Bush, heading into more talks with Saudi King Abdullah. Shortly after Bush spoke, the Saudi oil minister said the kingdom, responsible for almost one-third of the cartel's total output, would raise oil production when the market justified it.

Read more: http://news.yahoo.com/s/ap/20080115/ap_on_re_mi_ea/bush_mideast

---

Bush's Answer to the Holocaust - We should have bombed Auschwitz.
Bush's Answer to Peak Oil - Pump More Oil.

Incredible that during this man's window of history, Global Climate Change came to the forefront (in the rest of the world). Instead of leadership what do we get? Eight years of denial and focus on fossil fuels. What a colossal waste of an opportunity

[Kolesar]

14. On your knees, infidel

Pray for the salvation of your most precious Republican Party.
Pray that we pump more oil to bring down gasoline prices in this election year.

[ramapo]

15. What an idiot

The simple-mindedness of Bush's statement would be astounding if it didn't come from him.

[rodeodance]

16. Saudis: Not boosting oil production for the U.S.

Forum Name General Discussion
Topic subject Saudis: Not boosting oil production for the U.S.
Topic URL http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x2686972#2686972
2686972, Saudis: Not boosting oil production for the U.S.
Posted by babylonsister on Tue Jan-15-08 09:08 AM

I guess the dim one's charm didn't work, yet the Saudis get the weapons. Who's being played? Yes, we are.


Saudis: Not boosting oil production for the U.S.

by Mark Silva

RIYADH, Saudi Arabia – President Bush, entering another round of private meetings with King Abdullah of Saudi Arabia today, plans to argue that the price of oil is not only hurting the American economy, but also having an impact on world trade.

Yet the oil minister of Saudi Arabia, addressing reporters here today, maintained that this nation which holds the world’s greatest reserves of oil will not increase production based on the demands of one customer – albeit the world’s largest consumer of oil, the United States. Instead, minister Ali I. Al-Naimi said here, Saudi Arabia will adjust its production according to the interests of maintaining “stability’’ in the world oil market.

Bush, also addressing reporters during his two-day tour of Saudi Arabia, said he understands the pressure oil prices place on the American household and would warn the king of this nation that has grown wealthy with its vast reserves that any economic slowdown in the U.S. would result in less oil purchased.

“Demand has outstripped supply,’’ Bush said.

“We will raise production when the market justifies it. This is our policy,’’ Al-Naimi said. Asked about the potential impact of prices on the U.S. economy, he said: “A recession in the U.S. is very significant to the oil market and demand… I’m sure that no one would look with pleasure upon a recession in the U.S.’’

Asked about gasoline prices – and asked particularly whether Americans might ever see anything below $2 per gallon in the future, the bespectacled and soft-spoken oil minister said: “That is an excellent question, but let me tell you what happened to the last guy who tried to predict prices… If I knew the answer to that question,, I would be in Las Vegas rather than here.’’

more...

http://www.swamppolitics.com/news/politics/blog/2008/01/saudis_not_boosting_oil_produc.html#more

[rurallib]

17. Didn't the Saudis tell him to stick it?

They will pump as is needed. Way to go George. We now have no leverage.

[Javaman]

18. what was that I hear?

the sound of the saudi's laughing?

Since they are now transitioning away from the dollar, they are now basically telling moron* and the US, go fuck yourself sideways.

[frog92969]

21. Bu$h said:

"High energy prices can damage my stranglehold on clean renewable energy use, King Abdumin!"

[BadgerKid]

22. Show of hands -- Was oil part of the weapons deal? n/t

[hatrack]

19. Thank you, President Obvious!!

:eyes:

[sakabatou]

26. No thanks to you

shit-for-brains.

[montanto]

27. well, i'm glad he cleared that up!! nt

[Acadia Blue]

28. That was Bush's plan. His buds are making millions and we are

scrimping. He had this war to cause the prices to go up and to give $$$$$ to his corporate oil buds. Bush is an oil man, but none of the dumber than dirt republicans realize what has happened.

[Skittles]

30. good for your buddies though right, you bastard?

what an asshole