"I think it's important for the United States to be less at the mercy of foreign countries and their decision-making and politics, and more under our own control to address these problems, " Abraham said, two days after the Organization of Petroleum Exporting Countries agreed to cut oil output by a million barrels a day.
Yes, the petroleum industry has been remarkably creative in increasing output from existing plants, but new ones are needed.
Dealers said Wednesday's drop in New York prices was prompted by evidence that Saudi Arabia was meeting allocation targets, following a meeting of the Organisation of Petroleum Exporting Countries last weekend which pledged to boost oil output by 800, 000 barrels per day.
The Organisation of the Petroleum Exporting Countries (OPEC) has agreed to raise its output slightly this month.
Kuwait's acting oil minister has been reported as saying that Opec, the Organisation of Petroleum Exporting Countries, might hold an emergency meeting to discuss boosting output.
Despite trimming its output along with other members of the Organisation of the Petroleum Exporting Countries (OPEC) in an effort to prop up prices, that is just what the United Arab Emirates plans to do.
ECONOMIST: Oil prices have plunged. Another spike may be on its way
Iran and Venezuela, both members of the Organisation of the Petroleum Exporting Countries (OPEC), have called for it to cut output.
Economic growth in the last quarter of 2006 slowed to 2.2%, well below the 4% growth in the previous quarter, after output declined in oil fields seized by the government last year from Occidental Petroleum of Los Angeles, which was Ecuador's largest foreign investor.
The outlook for the Organization of Petroleum Exporting Country's meeting on Thursday, in which OPEC is expected to report unchanged output and increased global demand for oil, sent oil's price down in pre-market trading.
The Organization of Petroleum Exporting Countries (Opec) meets on Saturday to discuss its official production quotas, although analysts believe output will remain unchanged.
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