Posted on 02/24/2011 4:50:18 PM PST by milwguy
U.S. President Barack Obama and Treasury Secretary Timothy Geithner sought to quell fears on Thursday that unrest in Libya would put oil prices on a long term upward trajectory.
"We actually think that we'll be able to ride out the Libya situation and it will stabilize," Obama, referring to fuel prices, told a group of corporate chief executives.
Geithner said the world had plenty of oil reserves that could be deployed in the event of a sustained disruption to supply. "We have substantial capacity across the major economies in the strategic reserves," he told the executives.
"Hopefully, by reminding people of that and calling attention to the fact that there's a fair amount of excess capacity in parts of OPEC ... hopefully that will make it less likely the market ... starts to build in higher prices over time."
Oil futures were at their highest levels since late August 2008 as the escalating problems in Libya disrupted supply. Brent rose near $120 in intraday trading though it later pulled back to $111.12 in a sell-off sparked by rumors that Libyan leader Muammar Gaddafi had been shot.
Geithner and Obama spoke at the first meeting of a new panel of business leaders the president has asked to come up with ideas to boost U.S. competitiveness and hiring.
Obama encouraged the business leaders not to worry about inflation, an issue executives said was a growing concern.
"I think the emerging issue is inflation," General Electric Chief Executive Jeffrey Immelt, who is chairing the new panel, told the president during the meeting.
When asked by reporters later whether he was concerned about rising oil prices, Immelt did not answer directly.
"There's a lot going on in the world geopolitically. I think we have to see what happens next and where things settle in,"
(Excerpt) Read more at finance.yahoo.com ...
"But there's no point in developing those resources, because it will take ten years for them to make any meaningful difference in the US oil supply." - October 2001
Have you any idea how painful it is to expel through your sinuses a sip of bourbon taken neat?
This from a guy who says he couldn’t figure out how to use Turbo Tax? Not very confidence inspiring.
I went to Political Rehab when I threw the remote at the TV. Now I listen to Rush and Hannity and read blogs and try my best to laugh (part of the rehab). Plus I no longer have permission from the family to hold the remote.
Most people don't blink to pay more for soda, bread, beer, carrots, candy, ice cream, etc...
Why don't we deploy our oil reserves you moron!
” because it will take ten years for them to make any meaningful difference “
OK let’s wait for gas to reach $10/gal. Send we can sell our natural oil to other nations. The rest I want to say is not fit to post.
” because it will take ten years for them to make any meaningful difference “
OK let’s wait for gas to reach $10/gal. Send we can sell our natural oil to other nations. The rest I want to say is not fit to post.
Sickening.
And here we have it, ladies and gentleman, another fine example why this country is without leadership!
Congratulations on your recovery. I think I’m beyond help. I just cannot even stand seeing this incompetent boob on TV. It is beyond what I can bare.
Terrific. We get to trust to the good intentions of greater Arabia and Chavez to limit their profits and not take advantage of the current world circumstance.
Gives me a warm and fuzzy feeling in the pit of my stomach!
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