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    India, China boom pushing fuel prices: White House

    By Indo Asian News Service | IANS India Private Limited – Sat, Feb 25, 2012

    Washington, Feb 25 (IANS) Echoing President Barack Obama, the White House has said there is no short term solution to rising fuel prices in America with external factors like booming economies of India, China and Brazil driving up global oil prices.

    "The spike in the price of gas is related to the spike in the global oil market," White House spokesman Josh Earnest said Friday, a day after Obama made such an argument at a campaign event in Florida to defend his energy policy amid record high gas prices.

    "The impact of the global oil market is significantly outside the ability of anybody inside the United States to influence prices at that level," he said referring to the rising demand for oil in booming economies of China, India and Brazil.

    "So the global oil market is influenced by the fact that in China, 10 million new cars were added to the roads in China in 2010," the White House spokesman said. "We're seeing a booming economy in India, where there is an increasing demand for oil in India."

    "The key here to solving this problem over the long term ...is to make the United States of America finally independent of foreign energy," Earnest said

    "It's the President's view that we can't drill our way out of this problem, that we need to avail ourselves of a wide range of options, all of which the President is pursuing," he said.

    Obama's Republican challengers have seized on the opportunity offered by the rising gas prices to step up their attacks on his energy policies, including his rejection last month of a pipeline to carry oil from Canada to refineries on the US Gulf Coast.

     
    • Ken
      Ken  •  3 mths ago
      So why do we have a Department of Energy again?
      • Philip
        Philip 3 mths ago
        So the politicians can give their friends good jobs.
      • J B
        J B 3 mths ago
        So Obama can pervert it
    • Yahoo user
      Yahoo user  •  3 mths ago
      Really! haven't these people used this excuse 50 times before!! Real reason is QE1, QE2, QE3....the money printing machine, devaluing the currency so it's taking more of this devalued paper money to buy the same amount of oil..
    • Herbert
      Herbert  •  Kenosha, Wisconsin  •  3 mths ago
      china today,iran tomorow,leak in pipe line,tanker stuc in traffic,cold winter,warm winter,stormy spring,cool summer predicted. etc
    • **m**mah**
      **m**mah**  •  3 mths ago
      NO! CHINA & INDIA R NOT FUELING OIL PRICES!!!!! Prices are artifically high because of GLOBAL OIL COMPANIES & THE #$%$ OIL SPECULATORS(they r in cahoots). With the aid of the stupid us government and their destructive foreign policies that create instability especially in the middle east!
    • Tommy
      Tommy  •  Phoenix, Arizona  •  3 mths ago
      Do they think that anybody actually believes anything that the say any more?
    • James
      James  •  Rockwood, Michigan  •  3 mths ago
      Where does the buck stop?
      • Philip
        Philip 3 mths ago
        Not with 0dud. He passes the buck.
    • Just a Guy
      Just a Guy  •  3 mths ago
      wouldn't it be cheaper to build new refineries next to Canada than making a pipeline ?
      • viewer of yahoo
        viewer of yahoo 3 mths ago
        Canada wants to get that oil moved and refined, Let them build their own refineries, and refine it themselves. Then haul it to their shores somewhere to ship it. They do not need to cross our country to do it. And most definitely they DO NOT have any RIGHT to come here and Take land from people in our states, to build that pipeline either. This country is being used by a bunch of ratical Money Hungry Mongols. It has got to be stopped. The United States needs to start thinking seriously about taking care of its OWN country and its citizens. The people are getting #$%$ Tired of providing for every other country in the world. CHARITY BEGINS AT HOME !!!!!! FIRST !!!
      • Todd
        Todd 3 mths ago
        The environmental groups have successfully tied up every potentially new refinery in court for decades. It can't be done wthout legislative changes which the liberals won't allow.
      • clem
        clem 3 mths ago
        better yet let canada put a refinery in their backyard and they can have all those jobs and profit and become independent of global oil and our gas.
    • wayne1557
      wayne1557  •  Floyd, Virginia  •  3 mths ago
      what liers its being pushed up by wall street speculators. This is about the 6th reason they have given us this week. You can tell they are lying when their mouth moves
    • OICUR12
      OICUR12  •  3 mths ago
      Obama never said that he, "would reduce our dependence on foreign oil" .... what he did say was that he would, "eliminate the need for foreign oil".
      Two completely different things - and, now, they want to open up the strategic stores and begin their depletion.
      When we really need it, it won't be there and the final economic collapse of America will be.
      Remember, Obama did promise to, "fundamentally change America".
      Welcome to the La-La-Land of Hope and Change .... or is it, "Hoax and Chains"?
      • J B
        J B 3 mths ago
        Well OICUR12 the rest of us live in realty when are you going to come around. Nommatter how you spin it he is ignoring what can be done and so are you.
      • OICUR12
        OICUR12 2 mths ago
        Well, JB, why don' t you show me some documentation, any documentation that has not been proven fraudulent concerning the Usurper Obama. Obama has no business doing anything until he proves his legitimacy - which he cannot do.
        As regards "oil" ..... I am a geologist .... unless you are one as well, or you work in the patch, I seriously doubt that you would even begin to understand the energy situation as well as I. It is evident that I do have a better grasp of the language and it's usage than you.
        Besides, you live in California .... which is about as far removed from "reality" as can be .... no matter the "reality" shows on TV tell you.
    • Bob S.
      Bob S.  •  3 mths ago
      Obama quit playing the blame game. He wanted high fuel prices so he could get his green energy program. How has that worked out? Not so good just look at the Solyndra crap that we as tax payers paid for and lost money on. People this is not because of India or China wake up!
    • Boulderhole
      Boulderhole  •  Seattle, Washington  •  3 mths ago
      this idiot can't tell the truth to save his life! the spike in prices is because the damned refining companies are closing refineries, and reducing capacity! there's no shortage of oil - none! there is NO supply-side reason for these price spikes. the reasons are all about greed. greedy commodity traders, greedy refiners, greedy oil companies. China and India are using more, sure, but we are using less, and the US is still the worlds biggest gasoline consumer. if we've cut back to 1997 consumption levels, the demand from China and India isn't enough to cause those prices hikes.
    • Mad
      Mad  •  Trenton, Michigan  •  3 mths ago
      BAN OUTSOURCING, STOP BIASED TRADE AGAINST AMERICAN, take utilities, medical and OIL off of wallstreet and put REGULATION back in. Stop these ELITISTs DEMS and REPUBS, VOTE 3Rd PARTY.
    • Bob
      Bob  •  Raleigh, North Carolina  •  3 mths ago
      The blame game seems to be a popular theme when the cost of oil goes up. It's not me, it's them! Depending on what so called experts you listen to and/or speak to some have different takes on the causes. Regardless we the consumer pay more and the pump and elsewhere for goods and services. There doesn't appear to be a shortage of oil, so I say whats the problem. While the Federal Government really doesn't have much to do with the increases, every president including Obama keeps saying we need to become energy independent of the world markets. I haven't seen it close to happening! We the consumer need to take the bull by the horn and boycott gasoline by brand one day each for however long it takes to lower prices at the pump.
    • fredreed
      fredreed  •  Columbus, Ohio  •  3 mths ago
      I love how all these politicians put the blame on someone else .
      • J B
        J B 3 mths ago
        Yea our enemies are getting a kick out of it.
    • Dick
      Dick  •  Ocala, Florida  •  3 mths ago
      China and India have jobs for their people. Chinese and Indians going to work each day.
      China and India don't pass out unemployment checks. Hmmmm
    • Gary Kist
      Gary Kist  •  Lehighton, Pennsylvania  •  3 mths ago
      The great blamer, it's always someone else!
    • Is What It Is
      Is What It Is  •  3 mths ago
      It's bush's fault. It is republicans fault. It is the american people's fault (lazy, remember?). Now it is China's fault. It is India's fault.
      You can take the man out of the strip-mall, store-front, community organizer's office. But you can't take the strip-mall, store-front community organizer out of the man. Excuses and spending other people's money is all he has done and all he will ever do. He is what he is.
      REGISTER AND VOTE AGAINST OBAMA NOV 6 2012!
    • OICUR12
      OICUR12  •  3 mths ago
      The idiots in this current, unlawful, administration really need to sit down and get their stories straight about which LIE they are going to blame the gas prices on.
    • John
      John  •  3 mths ago
      Watch the youtube video "The Energy Non-Crisis" by Rev.Lyndsey Williams. New York and London set the price they will pay for a barrel of oil.
    • sokeijarhead
      sokeijarhead  •  Okinawa-shi, Japan  •  3 mths ago
      The dollar is not worth crap on the international market that is why the high prices remember that all oil is priced in dollars first and then the exchange rate is used for each transaction if the dollar is weak as it is now it takes less of the foreign currency involved to buy a barrel! As I am writing this West Texas Intermediate crude oil (WTI) is trading at $105.88/bbl. All this means is that the market value of a barrel of WTI is 105.88 times the market value of “the dollar”. It is also true that WTI is trading at €79.95/bbl, ¥8,439.69/barrel, and £67.13/bbl. In all of these cases, the market value of WTI is the same. What is different in each case is the value of the monetary unit (euros, yen, and British pounds, respectively) being used to calculate the ratio that expresses the price. In Japan a gallon of gas is fluctuates around $2.00 a gallon on the local economy!
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