Originally posted by 10DeadInside10
Sep 25, 3:48 PM (ET)
WASHINGTON (AP) - President Bush, reacting to OPEC's decision to cut oil output, urged oil-producing nations Thursday not to hurt the U.S. economy, which the White House says depends on stable oil supplies and prices.
Crude oil futures surged more than $1 a barrel on Thursday after OPEC lowered its oil output ceiling by 3.5 percent, cutting the ceiling by 900,000 barrels a day to 24.5 million barrels starting in November.
"I would hope our friends in OPEC don't do things that would hurt our economy," Bush told reporters in the Cabinet Room at the conclusion of a meeting with congressional leaders on a Medicare prescription drug program.
I think the "I would hope our friends in OPEC don't do things that would hurt our economy" quote means a lot more than is seen. I think the cutback in oil output is bull#. The prices of gas are so #in high, you would think that MORE output is needed, right? Or no? Comment anyone?
Haha. Bush saying "I would hope our friends in OPEC don't do things that would hurt our economy", brings images of Al Capone saying that to my mind. These days I can't help but take that as a subtle threat.
And prices certainly won't go down with lower output. They will only raise.