Washington: The booming economy of India and China has significantly increased demand of oil in these two countries that in turn is driving up the global oil prices, the US said on Friday.
As such, a day after US President Barack Obama, made such an argument at a campaign event in Florida, the White House on Friday asserted that there can be no short-term solution to the hike in the gas prices which has reached an all-time high in the US, badly hurting the pockets of ordinary people.
"The spike in the price of gas is related to the spike in the global oil market. The impact of the global oil market is significantly outside the ability of anybody inside the United States to influence prices at that level," White House Press Secretary, Josh Earnest said.
"So the global oil market is influenced by the fact that in China, 10 million new cars were added to the roads in China in 2010. That has added to the demand in the global oil market," he said.
"We're seeing a booming economy in India, where there is an increasing demand for oil in India. That's affecting the price of oil in the global oil market. We're seeing a stronger economy in Brazil, where the demand for oil and gas in Brazil has significantly increased. That's affecting the global oil market," Earnest said.
The key here to solving this problem over the long term and making sure that we don't have to deal with these challenges moving forward, that we're not susceptible to the spikes and declines in the global oil market, is to make the United States of America finally independent of foreign energy. And that's the course the president's pursuing," the White House spokesman said.
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