Wednesday, February 11, 2004


The forces that could unseat the unelected President extend far beyond the borders of the U.S.:

OPEC cut puts US economy at risk, says White House

EXCERPT: President Bush expressed alarm last night after oil cartel Opec threatened to undermine his chances of a second term in the White House by announcing a surprise cut in production from April. The price of crude jumped sharply on futures markets after Opec, at a meeting in Algiers, decided to cut supplies to the global economy by up to 10%. With Mr Bush already facing a strong challenge from the Democrats over his handling of the economy, the unexpected news brought an immediate riposte. "It is our hope that producers do not take actions that undermine the American economy and American workers - and American consumers for that matter," said White House spokesman Trent Duffy. The Bush administration is concerned that higher fuel prices will eat into disposable incomes, raise business costs and add to a $500bn (£267bn) annual trade deficit that is already undermining the dollar.


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