Business

Bush gets a NO Claudia Sonea

It seems like Bush has bitten more than he can chew with the oil crisis on his hands. During his campaign against Clinton he criticized the high fuel prices, but what would he say now when the price is four time higher? He proved that he is all talks and no facts. Before getting to the White House, he imputed Clinton’s lack of a firm hand against oil production nation, yet he didn’t manage to do anything either. On Friday Bush met Saudi Arabia's leader, King Abdullah, in an attempt to strengthen the Saudi-US relation (celebrate 75 year of relation) and convince them to increase oil production due to the soaring prices. Yet, instead of convincing them, Bush had to accept their refusal and even to consider it satisfactory. After raising on May 10 the oil production by 300000 barrels, the Saudi oil minister, Ali al-Naimi, said it was enough and they will not do it until the demand inputs them. However, the increase is insufficient and it should be of 1 million at least in order to have effect. Analysts and economists argued that the soaring prices are generated by a slow production, but rather by an increased demand and the fact that prices increased at the same pace with traders’ purchase proves it. Bush had to accept the answer, although he added that they should wait to see what the American experts say too. US economy is on the verge of recession and the high energy prices worsen the situation. The goods and everything else is more expensive, thus the consumer’s spending decreases as well. In spite of all hopes for an affirmative answer, Bush administration had to conform to the negative one and announced to stop fueling the Strategic Petroleum Reserve. Whether the crisis situation will be ended or not remains to be seen. Don’t go away, more to come…

related story: http://news.yahoo.com/s/ap/20080516/ap_on_re_mi_ea/bush_mideast;_ylt=ArlkoQHKki43Ej0juJ5Cek6s0NUE

by Claudia Sonea for PocketNews (http://pocketnews.tv)

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