The White House said Thursday that there's "not a lot" that U.S. President George W. Bush can do in the short-term in the face of OPEC's decision to ignore his pleas to boost oil output.
"If OPEC has decided that they are not going to increase output, there's not a lot that the president can do. We don't control their decisions," said spokeswoman Dana Perino.
She spoke after oil prices surged past $105 per barrel for the first time, as traders reacted to sliding U.S. energy reserves, the weak dollar and the decision by the Organization of Petroleum Exporting Countries.
"It would be wrong for us to say that we could do something in the short term, because the reality is, there is no short-term solution to this problem," Perino told reporters.
"What we can do here is continue to try to do several different things," she said, citing efforts to improve fuel efficiency, promote alternative and renewable fuels, and drill for oil domestically.
"But it would be wrong for any politician to suggest that there's something in the short term that they can do to alleviate the problem of very high global demand and tight supply," she said.
Copyright (c) 2008 Dow Jones & Company, Inc.
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