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High oil price? Blame it on India, China
April 26, 2005 11:52 IST
US President George W Bush said that oil prices are rising as the economies of India and China are also growing.
When asked whether gas prices can be lower than it is today, he said, "That depends on the supply and demand. One thing is for certain, the price of crude is driving the price of gasoline. The price of crude is up because not only is our economy growing, but economies such as India and China's economies are growing as well."
Bush, who was to welcome Saudi Arabia's Crown Prince Abdullah at his ranch in Texas, said that he will talk about energy the with the Saudi leader.
"And the Crown Prince understands that it's very important to make sure that the price is reasonable," he said.
"A high oil price will damage markets, and he knows that. I'm looking forward to talk to him. But we'll talk about his country's capacity, which is an important subject. "One thing is for certain, I need to sign an energy bill. I appreciate the House passing the energy bill. And now it's time for the Senate to pass the energy bill.
"The Vice President and I suggested that they pass a bill in 2001, but nothing happened. I'm looking forward to getting back to Washington and continue to talk about energy," he added.
Later, during his meeting with Abdullah, Bush asked the Saudi leader to help curb skyrocketing oil prices.