Home pagePress CenterIn the Media Frank Verrastro, director of the CSIS Energy and National Security Program, was quoted by United Press International, "Oil Prices Look Skyward."
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Frank Verrastro, director of the CSIS Energy and National Security Program, was quoted by United Press International, "Oil Prices Look Skyward."
With the plummeting dollar, geopolitical uncertainty and investor speculation all being blamed for soaring oil prices, it is unclear whether U.S. Vice President Dick Cheney's efforts to persuade Saudi Arabia to increase oil production will result in cheaper oil.
Oil prices briefly touched a record $112 a barrel Monday before falling more than $4 on fears the troubles at Bear Stearns could spread to the rest of the market. On Tuesday, however, they rose again ahead of an expected cut in interest rates by the Federal Reserve, part of a move to shore up confidence in the economy, but one that will likely see the dollar fall to new lows against other currencies.
Frank Verrastro, senior fellow and director of the Energy and National Security Program at the Center for Strategic & International Studies in Washington, criticized the White House position.
"He (Bush) tried it last month," he said. "It's amazing the president keeps saying this."
The Center for Strategic and International Studies (CSIS) is a private, tax-exempt institution focusing on international public policy issues. Its research is nonpartisan and nonproprietary. CSIS does not take specific policy positions; accordingly, all views, positions, and conclusions expressed in these publications should be understood to be solely those of the authors.
