On the campaign trail in 2000, Bush made it sound so easy.
When gas prices are too high and OPEC is under producing, Bush said he would utilize his notorious charm and “jawbone” OPEC producers by getting “on the phone with the OPEC cartel and say, ‘We expect you to open your spigots.'”
OPEC would be overwhelmed by the power of Bush’s leadership, oil production would increase, and gas prices would fall. Piece of cake — in theory.
Apparently, OPEC isn’t quite as fearful of Bush’s “jawboning” as the White House would like. The cartel announced yesterday that it will cut production by 2.5 million barrels a day.
OPEC oil ministers agreed Wednesday to proceed with a 4 percent cut in oil production beginning Thursday, turning aside criticism from industrial countries that any resulting price rise will harm the world economy.
With oil prices emerging as an election-year issue, the White House called the move disappointing and said that administration officials were “actively engaged” on the issue with the governments of the Organization of Petroleum Exporting Countries.
As for Bush’s original plan — calling OPEC and persuading the countries with his personality — there’s not much to report.
White House press secretary Scott McClellan said the administration would “stay in close contact with major producers from around the world to discuss these issues and make sure our views are known.” He said that oil prices should be set by the market.
Asked if Bush had made any telephone calls, McClellan said, “We keep you posted on his world leader calls.”
I guess he could always threaten “regime change” for countries that he finds uncooperative; that always works.