I returned from my trip with four joint communiques that reflect a common understanding that volatility in oil markets is damaging. Stability in oil markets is a shared and desirable goal for both consuming and producing nations. And, while the communiques varied in substance from country to country, Kuwait, Saudi Arabia, Norway, and Venezuela all agreed to reevaluate data on current oil market conditions to help avoid market volatility and preserve world economic growth. I believe yesterday's announcement by the oil ministers of Saudi Arabia, Venezuela and Mexico that production levels should increase is obviously a positive development and America welcomes it. Very low prices discourage investment, jeopardize producers, and increase our reliance on imports.
High prices lead to inflation and hobble economic growth.
They incite over-production, which foreshadows the decline of prices down the road. And the cycle begins again. Both the Congress and the Administration have taken the U.S. government out of the oil equation and committed us to the free market principles of supply and demand. We believe all nations should do the same. Thank you, and now I will take some questions.