Posted on 02/26/2012 3:51:16 PM PST by Libloather
Sen. Schumer tells Clinton to pressure Saudi Arabia to pump more oil
By Ben Geman - 02/26/12 11:59 AM ET
Sen. Chuck Schumer (D-N.Y.) wants Secretary of State Hillary Rodham Clinton to press Saudi Arabia, OPEC’s dominant oil producer, to boost output as rising prices are hitting consumers at the gasoline pump.
A letter to Clinton on Sunday from Schumer, a top political strategist for Senate Democrats, comes as Democrats are trying to blunt constant GOP attacks over soaring gasoline prices.
“These skyrocketing fuel prices are directly linked to the global energy market, particularly Iran’s recent efforts to manipulate oil prices and the worry of impacts on supply from an escalation of regional hostilities,” Schumer writes.
“To address this situation, I urge the State Department to work with the government of Saudi Arabia to increase its oil production, as they are currently producing well under their capacity,” adds the letter, which was first obtained by Reuters.
Tensions over Iran’s nuclear program have helped to push crude oil prices sharply higher in recent weeks. Oil is trading at its highest levels since early May, and prices rose again to close at $109.77 per barrel Friday on the New York Mercantile Exchange.
Regular gasoline prices are now averaging $3.69-per-gallon nationwide, and are already above or nearing $4 in some markets, according to AAA.
The cost of gasoline is tethered to global oil prices, and Saudi Arabia is the only OPEC producer with significant spare production capacity.
The kingdom has the capacity to produce over 12 million barrels per day. Schumer’s letter notes that current production is in the 10 million barrel range, and presses Clinton to urge the Saudis to ramp up output to 12.5 million barrels.
Schumer’s letter to Clinton argues that Saudi Arabia’s production levels have a “negative impact” on global markets.
“When paired with recent actions by Iran in halting sales to French and U.K. companies, and threatening to stop sales to countries such as Italy, already fragile markets are unduly roiled. These market shifts are now hitting Americans at the pump, reverberating throughout the rest of our economy, and threatening our recovery,” he writes.
Republicans continued to hammer the Obama administration Sunday over prices at the gas pump, which loom as a political threat to the president's reelection despite good news on the economy and jobs of late.
Republicans on Capitol Hill and the party’s presidential candidates argue Obama is keeping too many areas off-limits to energy production.
Sen. Lindsey Graham (R-S.C.), speaking on CNN Sunday, said that in the 2012 presidential election, gas prices and energy will be a “big issue,” arguing that voters will see that “every time you go get your car filled up, it's going to be because of President Obama's inaction.”
President Obama, in a major speech last week, sought to rebut GOP attacks.
The president and aides, warning there’s no quick fix on gasoline prices, have accused Republicans of playing politics with the issue while touting Obama’s record on domestic energy production, auto efficiency rules and development of alternative sources.
Click here for what to watch in the gas price battles going forward.
“We’ve tried nothing and we’re all out of ideas.”
-Ned Flanders’ Mom, ‘The Simpsons’
If she wants to lower prices, end the speculation at the CME
Can't remember the specific reason.
Summer's coming, then the votin'.
Here's my prediction from yesterday:
February 25, 2012 10:48:38 PM EST · 6 of 38
muawiyah to Iam1ru1-2
SEIU is a pretty hard core Democrat union but even they are sensitive to increases in the cost of gasoline.
At $6 per gallon you'll find SEIU leaning on Democrats in Congress.
At $6.50 per gallon SEIU will send their legal counsel to talk to Obama.
At $7.00 per gallon SEIU will be burning Joe Biden in Effigy Illinois
At $7.50 per gallon SEIU will be taking up pitchforks and firebrands to run down Democrat politicians at night.
At $8.00 per gallon, the Republican Establishment will join SEIU
Chuck needs a tour around the black rock and he can toss a few stones...
Allow Iran to run rampant.
Pressure the Sauds.
I'd have to say Bammy is a Shiaa.
I believe the proper term is "Consigliere." :-)
http://homesteadishome.blogspot.com/2012/02/orlando-area-gas-close-to-600-per.html ORLANDO ~ so, is Chucky Schumer responding to New York interests or SEIU or something in between?
Threaten to do a striptease, Hillary, the Saudis will be at your mercy.
I think Harry Reid is "out" but he doesn't know it, but he should be taking the lead in this.
Did she remind him “You can’t pump your way out of this”
Think about it awhile....
GE does not want lower oil prices.
Duh!
Awwww.... Isn’t that so sweet. Chucky is crapping his pants and needs little help gettin’ his socialist britches down.
"They need the money more than we do. By letting them get the oil we can become their customers and help them create jobs and build up their economy."
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