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.
and Obama said we get lower gas prices by using less gas.
we're gonna need Glen Becks chalkboard to keep tally of all the spins.
Fill your tires with more air and please, get over it.
ANOTHER BOW TO THE STINKING HOUSE OF SAUD.
I didn’t think the Sauds were going to lower prices until a few months before the election... in time to make Obama look like a hero - and give the MSM ample opportunity to praise his brilliance...
As these New York Times types will explain - timing is everything...
http://www.youtube.com/watch?v=qBFOmUXR080
the orgizational chart of leftist propaganda is very very complex
"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.Yeah, I mean, why wouldn't anyone *not believe* the Saudis? Hey, maybe they'd just cut a check to, I dunno, condemn Israel and build a mosque at Ground Zero.
Win the Future again!!!!
Oh, and don't even think about drilling our way out! It'll never work!
The Saudis can’t increase production enough to fill that gap, which is caused by the global market. Countries in Asia and other places are using more oil each year while manufacturing more and providing cars to, eventually, hundreds of millions of new drivers.
Which filthy “royal” recently assured us lowly kafirs that it wouldn’t let oil break $100bl?
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