Wednesday, January 16, 2008
Oil Production Policy
Isn't it interesting that as a nation, we espouse a market driven regulatory envrionment, be it for energy, health care or the environment, but we (Bush) ask that other nations increase oil production output ro avert a crisis in the U.S. economy? The latter notion is the jist of the latest exchange between President Bush and the Saudis from Bush's visit to Riyadh (this week). As reported in the Austin American Statemen this morning, Saudi Oil Minister Ali al-Naimi said the president raised valid concerns about the impact on the U.S. economy, but Naimi seemed to suggest there were limits to what the Saudis would do. "We will raise production when the market justifies it," he said.