Posted on 03/14/2012 6:16:52 PM PDT by Libloather
Schumer: Saudi Arabia's plan to increase oil supply will lower gas prices
By Andrew Restuccia - 03/14/12 01:28 PM ET
Sen. Charles Schumer (D-N.Y) applauded Saudi Arabia’s plans to increase oil output to make up for potential losses from Iran, arguing the move will lower gas prices.
“I was pleased that Saudi Arabia declared that it would fill any oil gap as a result of an Iranian embargo,” Schumer said Wednesday during a speech on the Senate floor, adding that the move is the best short-term solution for lowering gas prices.
Reuters reported Wednesday that Saudi Arabia, the only OPEC producer with significant spare production capacity, promised to “make good any shortfalls — perceived or real — in crude oil supply.”
Growing international tensions with Iran have sparked concerns about supply disruptions, fears that Schumer said have contributed to high oil and gasoline prices.
“With Iran’s saber-rattling, they might well cut off oil exports, the price has gone up and up and up,” Schumer said. He added that “those who speculate on oil use ... probably make it go up further.”
Schumer called on Saudi Arabia to repeat its intention to make up for supply losses, arguing the comments will drive down gas prices, which are tethered to global oil prices.
“If the markets believe this is real, the price will come down even further. So we are asking the Saudis to repeat this promise,” Schumer said.
“The more explicit they are, the more emphatic they are, the more they ensure the markets that they are for real here," he continued, "the more the markets will calm down more permanently and the more the price will come down.”
Schumer and other Democrats in Congress are working to undercut Republican attacks on President Obama over high gas prices, which reached an average of $3.81 per gallon nationally Wednesday, according to AAA.
The GOP is trying to pin the blame for prices at the pump squarely on Obama’s shoulders, arguing he has not opened up enough federal land to drilling and criticizing his decision to reject a key permit for the Keystone XL oil pipeline.
Schumer asked Secretary of State Hillary Clinton last month to urge Saudi Arabia to boost output.
"These skyrocketing fuel prices are directly linked to the global energy market, particularly Iran’s recent efforts to manipulate oil prices and the worry of impacts on supply from an escalation of regional hostilities," Schumer said in a February letter to Clinton.
"To address this situation, I urge the State Department to work with the government of Saudi Arabia to increase its oil production, as they are currently producing well under their capacity."
Schumer said Wednesday that the Obama administration followed through on his request.
“Their pressure has finally gotten the Saudis to make this statement,” he said.
Republicans have slammed Schumer’s calls for Saudi Arabia to increase its oil output, arguing that Democrats should be focused on increasing production in the United States.
“Rather than approve the Keystone pipeline, the Democrats’ energy plan now calls for the most powerful nation in the free world to politely ask other countries for more oil and cross our fingers,” Sen. John Cornyn (R-Texas), chairman of the National Republican Senatorial Committee, said in a statement responding to Schumer’s February letter.
DOE’s charter sure is being fulfilled ay chuckie?
Soooo Schmuckie, I thought that the Rat party line was that drilling for more oil would have no effect on gas prices? The Saudis can do it, but the U.S. can’t?
Ping.
Hey Chuckie, if SA’s increasing the oil supply is a good
thing, why is a US increase in the oil supply a bad
thing?
Anyone who thinks these politicians don’t get money from OPEC is a fool.
Deprive our economy of billions of oil dollars but it’s ok for the Saudis to “destroy the earth” with evil fossil fuel.
Follow the money. I’m sure the Arabs funnel it to “environmental” groups for payoffs to dems.
Someone needs to tell Obergruppenfuhrer Schumer that it was Saudis who destroyed the WTC.
I thought the official Dem position was that more oil did not mean cheaper gas??
Of course they do. The Arabs wish to have a fully dependant America at their beck and call. For us to construct, say advanced nuclear reactors, or, drill for our own easily available oil and gas, well, that just won’t do.
I wonder just who financed that “Worldwide Anti-Nuclear Protest” earlier this week? Follow the money?
DNC says increasing production will lower prices- film at 11.
Drill baby drill!
Muslims helping a Muslim - and cutting off their own nose. Hope the Saudis are proficient in Farsi. If the Obamanation is re-elected (a REMOTE possibility), they will need it to beg Achmaddinijab not to nuke them - and he’ll be right next door in Iraq and Syria.
Good show you burnoosed bastards.
No one can expect the progressives to have any sense of consistency or any shame in their hypocrisy. And of course no one in the media will point out the oxymoronic nature of Chuckie Cheese’s comment. Or maybe I’m wrong and it’s only American oil that cannot affect prices. Yeah that’s it. Ameican oil vanishes somewhere between well and refinery. It’s a chimera, a fantasy like rainbows and unicorns and help and change.
We have no choice but to drill baby drill. Our bacon has been saved, ladies and gentlemen, by fracking, gas, and shale, despite Obie's efforts. Landslide in Nov.
“Hey Chuckie, if SA’s increasing the oil supply is a good
thing, why is a US increase in the oil supply a bad
thing?”
Because one is arabian oil and the other is American oil. /s>
liberalism cannot exist without hypocrisy and inconsistency
Some guest on FNC said Schumer won’t embrace fracking but he’ll go with hat-in-hand to the Saudis.
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