Top Politic News

WASHINGTON (Reuters) – U.S. President Barack Obama and Treasury Secretary Timothy Geithner wanted to meet fears on weekday that unrest in Libya would put lubricator prices on a daylong term ascending trajectory.

"We actually conceive that we'll be able to mate out the Libya situation and it module stabilize," Obama, referring to fuel prices, told a assemble of corporate honcho executives.

Geithner said the world had plenty of lubricator reserves that could be deployed in the event of a sustained flutter to supply. "We hit substantial power crossways the field economies in the strategic reserves," he told the executives.

"Hopefully, by reminding grouping of that and calling attention to the fact that there's a clean turn of excess power in parts of OPEC ... hopefully that module make it less likely the market ... starts to build in higher prices over time."

Oil futures were at their highest levels since late August 2008 as the escalating problems in Libya disrupted supply. Brent chromatic nearby $120 in intraday trading though it after pulled back to $111.12 in a sell-off sparked by rumors that African cheater Muammar Gaddafi had been shot.

Geithner and Obama spoke at the first gathering of a newborn commission of playing body the chair has asked to come up with ideas to increase U.S. competitiveness and hiring.

Obama pleased the playing body not to worry most inflation, an supply executives said was a ontogeny concern.

"I conceive the aborning supply is inflation," General Electric Chief Executive Jeffrey Immelt, who is chairing the newborn panel, told the chair during the meeting.

When asked by reporters after whether he was afraid most ascension lubricator prices, Immelt did not answer directly.

"There's a aggregation going on in the world geopolitically. I conceive we hit to wager what happens next and where things settle in," he said. "There's not a aggregation of core inflation even today and I would feature in general the frugalness is effort meliorate every day as a backdrop."

FOCUS ON JOBS

Improving the frugalness is the core pore of the panel, which replaces added assemble of advisers on U.S. scheme feat led by former agent Reserve Chairman Apostle Volcker. Volcker stepped downbound when that assemble dissolved earlier this year.

Immelt said the commission would pore on creating jobs and he promised limited proposals for conveying to Obama within 90 days. The newborn commission includes individual members from the older one.

Citigroup Chairman Richard Parsons, American Express Co Chief Executive Kenneth Chenault, AOL co-founder Steve Case, Southwest Airlines Chief Executive Gary Kelly, DuPont Chief Executive Ellen Kullman, and Intel Corp Chief Executive Apostle Otellini were among the panel's members.

The executives spoken optimism most their companies' ontogeny prospects in 2011, but some said access to assign and skilled workers was a continual problem.

Kullman said 2011 would not be as big a ontogeny year for her company as 2010, but she remained optimistic.

Matt Rose, honcho executive of Berkshire Hathaway Inc's Burlington Northern Santa Fe railroad, said he believed the frugalness is "better than what you read."

The group's next gathering module verify locate right of pedagogue in order "to entertainer on the ideas and signaling of grouping around the country," according to White House help subject administrator Jen Psaki.

(Additional news by Patricia Zengerle and Alister Bull; Editing by character Eastham)

Source