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Washington against OPEC oil cut decision

Latest update : 2008-09-10

The White House opposes OPEC's plans to cut oil output by half a million barrels a day. We "certainly disagree" spokeswoman Dana Perino said on Wednesday.

Read Business Editor Douglas Herbert's existential take on OPEC's dilemma (apologies to Shakespeare!)

 

 More oil is needed on the market, not less, the White House said on Wednesday, disagreeing with a surprise decision by OPEC to cut production by about half a million barrels a day.

 

"We need more supplies on the market, not less," White House spokesman Scott Stanzel said. "Energy prices are still very high, despite their recent decline."

 

The Organization of the Petroleum Exporting Countries had been expected to keep existing output allocations though some members had voiced concern about a growing surplus of oil on the market as high prices have affected demand.

 

We "certainly disagree" with that decision, said White House spokeswoman Dana Perino who also urged lawmakers in the U.S. Congress to complete legislation aimed at fostering the production of more energy resources.

 

"We'd like to have more supply that we produce here, they have some legislation that's in front of them that would be comprehensive," Perino told reporters. "We are looking for a comprehensive energy package that can help us add more supply to the market and diversify the supply at the same time."

 

The House of Representatives is expected to vote on an energy package this week that would open the coasts of at least four Southeastern states to offshore drilling: Georgia, North Carolina, South Carolina and Virginia.

 

That package is also expected to include funding for conservation and renewable energy and repeal some tax cuts for the oil industry. Similar legislation is expected to be considered in the U.S. Senate.

 

 

Date created : 2008-09-10

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