After Meeting with the National Energy Policy Developing Group, President George W. Bush spoke with a member of the Press stated: “The OPEC nations are responding to decreased demand. World demand, they think, is going to decrease and, therefore, they’ve responded with a million barrel cut. The piece of good news in their decision was that the Saudi minister made it clear that he and his friends would not allow the price of oil, crude oil to exceed $28 a barrel. That’s very comforting to the American consumer, and I appreciate that gesture. I thought that was a very strong statement of understanding, that high prices of crude oil will affect our economy. Having said that, it’s important for American consumers to understand that if we have a price spike in refined product, it’s not going to be because of the price of crude oil being at $25 or $26 a barrel. It’s going to be because we don’t have enough capacity, refining capacity — we’re not generating enough product. And that’s another issue that we’ll be dealing with, is how to make sure we can get refined product to our consumers.”
– Transcript, “Remarks by the President in Photo Opportunity after Meeting with National Energy Policy Development Group,” George W. Bush – White House Archives online, Accessed on 6/20/2016