Dude, US Energy Policy- For'ners Produce More, Cut Prices
Bush: When It Comes To Oil Prices, The Lower The Better
05/06/2005
Dow Jones News Services
(Copyright © 2005 Dow Jones & Company, Inc.)
By Alex Keto
Of DOW JONES NEWSWIRES
WASHINGTON (Dow Jones)--President George W. Bush on Friday declined to say specifically where he wants to see oil prices go, but added that as far as the U.S. is concerned "the lower the better." "I don't know what the right price is. Obviously, the lower the better, for our economy," Bush said during an interview with Russia's NTV television station.
Bush also expressed confidence that market forces will kick into play and this will, in turn, lower crude oil costs.
"Hopefully, higher prices will stimulate more production. More production will then help the price reach an equilibrium," Bush said.
The president said he already had received assurances from Saudi Arabia's Crown Prince Abdullah that the Saudis will step up exploration for new sources of oil. Bush said he hoped Russia would also agree to open itself up to more foreign investment so that its oil fields could be developed.
"I would hope that Russia would encourage a lot of investment, to open up the vast reserves she has. We need to do more exploration here," Bush said.
The President repeated his warning to oil-producing nations that if the price of crude gets too high, it will cut demand for oil. "People who have got oil have got to understand if the price gets too high, it could wreck economies, which will mean there's less purchasing power for the product," Bush said.
Bush's latest European tour starts in Latvia on Friday, where he is to meet with Baltic counterparts Vaira Vike-Freiberga of Latvia, Arnold Ruutel of Estonia and Lithuanian President Valdas Adamkus. He is then scheduled to meet with Russian President Vladimir Putin in Moscow over the weekend.
-By Alex Keto, Dow Jones Newswires; 202-862-9256; Alex.Keto@dowjones.com
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