US lawmakers threaten OPEC as gasoline prices soar
WASHINGTON (AFP) — A group of US senators on Thursday threatened to block arms deals with OPEC member countries if they do not boost oil output to help bring down soaring gasoline prices.
Senators Charles Schumer, Byron Dorgan, Bernie Sanders, Bob Casey, and Mary Landrieu issued their warning in a letter to President George W. Bush.
"The Saudis have to understand this is a two-way street. We provide them weapons, our troops provide them protection, and then they rake us over the coals when it comes to oil. The Saudis and Big Oil are in cahoots and this administration has coddled them both for far too long," said Schumer, a New York Democrat.
"The Bush Administration has refused to be tough with so-called OPEC allies and in fact continues to provide huge arms deals, despite the economic pains taxpayers are feeling," the lawmakers, all Democrats except independent Sanders, said in a statement.
Added Dorgan: "I think if the Saudis expect us to fulfill their requirement for strategic military goods to provide for their security they have a requirement to be pumping sufficient oil to provide for our economic security."
Casey said Bush's Republican team "has not used all tools at their disposal to put pressure on OPEC nations to increase production to provide relief from record oil prices."
"In addition to record prices at the pump, Americans are shouldering a greater burden because Iraq's oil-producing neighbors are not living up to their pledges of support for Iraq reconstruction and debt relief," he added.
Oil prices edged lower on Thursday as traders took profits after this week's record-breaking run on the back of the strengthening dollar and rising US crude stockpiles.
New York's main oil futures contract, light sweet crude for delivery in June, dropped 1.21 dollars to 117.09 dollars a barrel. The May contract had struck a record high 119.90 dollars before expiring on Tuesday.
