Statement by Principal Deputy Press Secretary Speakes Endorsing Market-Oriented World Oil Prices

The administration supports a market-oriented policy on world oil prices. There has been no change in administration policy or viewpoint on the declining off prices. We believe that the way to achieve price stability is to let the free market work. While we're concerned with the effects of falling prices on off-producing sectors of the U.S. economy, the net effect for American consumers and the American economy will be positive.

When the Vice President meets with King Fahd in Saudi Arabia this Sunday, he will emphasize the U.S. viewpoint that market forces should establish world oil price levels. As the Vice President said yesterday, we're not going there on a price-setting mission when we ourselves favor market forces.