WASHINGTON (Reuters) - President George W. Bush said on Tuesday that speculators are not to blame for higher oil prices and it is the market fundamentals of tight supplies and strong demand that are pushing up crude costs.
“The fundamentals are what’s really driving the long-term price of oil,” Bush told reporters at a White House news conference. “Demand for oil has increased and supply has not kept up with it.”
Reporting by Tom Doggett
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