Link: Whistling in the Dark: Obama, Geithner say US will “ride out” Libya oil situation. #rsrh
Clipped from www.reuters.com
Obama, Geithner seek to quell fears about oil spike
WASHINGTON (Reuters) – U.S. President Barack Obama and Treasury Secretary Timothy Geithner sought to quell fears on Thursday that unrest in Libya would put oil prices on a long term upward trajectory.
“We actually think that we’ll be able to ride out the Libya situation and it will stabilize,” Obama, referring to fuel prices, told a group of corporate chief executives.
Geithner said the world had plenty of oil reserves that could be deployed in the event of a sustained disruption to supply. “We have substantial capacity across the major economies in the strategic reserves,” he told the executives.