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General News 3/6/2008 at 2:52 PM EST

OPEC blames 'mismanaged' U.S. economy for soaring oil prices -IHT

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OPEC, rebuffing calls from U.S. President George W. Bush to increase oil output, cited "mismanagement" of the American economy as a major factor driving prices up. The cartel's president on Wednesday blamed financial speculators and American economic problems, which have helped lower the value of the dollar, for the high oil prices. The dollar has lost 17 percent of its value against the euro this year.

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Related Topic(s): Devaluation; Dollar; Economy Recession; OPEC; Oil Cost Of $$$; Oil Demand Supply, Add Tags

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