5/19/2008 10:03:45 AM Charles Hale
So Bush goes hat in hand to the Saudi's asking them to bump up production. As the good capitalists that they are, they say no. They are meeting demand, so unless someone orders more product, they have no reason to increase production. A very valid point.
But what Bush should have said to them is to fear the consequences of $125/bbl oil.
"We will continue to use ethanol, raising the price of grains for the entire world (including your Arab brethren). We will continue to explore and develop oil resources in North America. We will spend billions for: solar, wind, and what scares you most, the fuel efficient cars. We have massive coal and nuclear resources, and will move forward with our plans for a fleet of hydrogen and electric vehicles to replace the gasoline cars. You will become irrelevant."
If the US were able to get away from the "oil is king" mentality, then OPEC is in for a bad time.
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