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Article: Preserving World Economic Growth.(United States Energy Secretary Bill Richardson)(Transcript)
- Article from:
- Presidents & Prime Ministers
- Article date:
- March 1, 2000
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Thank you for giving me this opportunity to address the current situation in world oil markets, report on my recent discussions with the energy ministers of key oil producing countries, and to describe for the Committee the Administration's short and long-term strategies to address the extreme oil market volatility we have seen over the last year.
First, let me briefly describe today's oil markets. To do so, we must go back to 1996 and 1997, when OPEC leaders met and decided to substantially increase oil production. Unfortunately, at the same time production was increasing, demand started decreasing. Asia was headed into recession and the world experienced ...