WASHINGTON (AP) — President Barack Obama says he’s confident that markets will be able to ride out the situation in Libya and the price of oil will stabilize.
Obama made the brief comments Thursday during a discussion with his new competitiveness council.
He said that energy costs are generally a source of uncertainty for businesses. But the president said of the price of oil that, in his words, “We think we’ll be able to ride out the situation in Libya and it will stabilize.”
Oil prices rose again Thursday as the rebellion in Libya appeared to have shut down even more crude production than previously estimated. At the pump gas prices rose more than 2 cents to a new national average of about $3.23 per gallon.
