Ignoring for the second time pleas from President Bush to increase production OPEC asserts that the fiscal irresponsibility of the Bush administration is to blame for high prices. Once again they refuse to increase production.
The cartel’s president on Wednesday blamed financial speculators and American economic problems, which have helped lower the value of the dollar, for the high oil prices. After the meeting, oil prices settled above $104 a barrel, a record.
With tensions rising between Venezuela and Columbia we can expect prices to rise even faster. Dependence upon foreign resources is threatening national security.