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UPDATE 1-Bush presses OPEC on high energy prices

Tue Mar 4, 2008 11:06pm IST
 
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WASHINGTON, March 4 (Reuters) - U.S. President George W. Bush said on Tuesday it was a "mistake" for OPEC to allow energy prices to stay high and hurt the economies of its biggest customers.

"My advice to OPEC is understand the consequences of higher energy prices," Bush told reporters after White House talks with Jordan's King Abdullah.

Bush spoke as OPEC ministers met in Vienna amid indications they would hold output steady, despite Bush's frequent appeals for increased production.

"I think it's a mistake to have your biggest customer's economy to slow down -- or your biggest customers' economies slowing down -- as a result of high energy prices," Bush said.

"No question the high price of gasoline has hurt economic growth here in the United States, and if I were a member of OPEC I'd be concerned about high energy prices causing people to buy less energy over time," he added.

"My advice to OPEC -- of course they haven't listened to it -- my advice to OPEC is understand the consequences of high energy prices, because I do," Bush said.

"Not only is high energy prices having a macro effect on our economy, it's affecting a lot of our families, which troubles me as well." (Reporting by Matt Spetalnick, Editing by Frances Kerry)

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