Rediff India Abroad
 Rediff India Abroad Home  |  All the sections


The Web

India Abroad

Sign up today!

Article Tools
Email this article
Top emailed links
Print this article
Contact the editors
Discuss this article

Home > Business > PTI > Report

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.

© Copyright 2006 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.

Share your comments

 What do you think about the story?

Read what others have to say:

Number of User Comments: 1

Sub: That's not correct

Bush doesn't understand Math I suppose. With 3% of global oil production US isconsuming over 25% of oil supplied by the whole world ! Now ...

Posted by vpbs_bak



Copyright 2006 India Limited. All Rights Reserved.