White House Wants Oil Price at $25 a Barrel

The White House wants to see oil prices fall by about half to around $25 a barrel although reaching that goal may take time, President George W. Bush’s top economic adviser said on Wednesday.

“We would like to see the price get back to around $25 a barrel, somewhere around there,” Allan Hubbard, director of the White House National Economic Council, said in an interview with Reuters as crude oil prices hovered around $50, down from the record-high above $58.

Hubbard acknowledged: “It’s going to take a while for the world energy supply to expand so prices can drop.”
Reuters via Netscape News