Truemors
Opinion
Barry Artiste, Now Public Contributor
The U.S. Energy Boss blaming shortages and not speculators driving up oil prices certainly must be the same slick oil salesmen who has Prime Swamp land in Florida for sale
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Blaming India and China for increasing demand leaves many to believe if these two countries are paying $4.00 a gallon US for gas, $6.00 a gallon Canadian for gas, or $11.00 for a gallon of gas in Europe? M-M-M Don't friggin think so! The reason why we pay so much is Oil companies have us by the short and curlies as rich nations, they feel we should put up or shut up.
Shortage blamed for steep oil prices U.S. energy boss denies speculation driving climb
By THE ASSOCIATED PRESS
JIDDA, SAUDI ARABIA -- The U.S. energy secretary said yesterday that insufficient oil production, not financial speculation, was driving soaring crude prices.
Samuel Bodman's comments on the eve of an energy summit in the Saudi port city of Jidda set the stage for a showdown between the United States and conference host Saudi Arabia, which has largely blamed speculation in the oil markets for record prices.
The U.S. and many other western countries have put pressure on Saudi Arabia, the world's top oil exporter, to increase production. Saudi officials have been hesitant to do so, arguing that the market is not suffering a shortage.
Bodman disputed that assertion yesterday, saying oil production has not kept pace with growing demand, especially from developing countries like China and India.
"Market fundamentals show us that production has not kept pace with growing demand for oil, resulting in increasing prices and increasingly volatile prices," Bodman told reporters. "There is no evidence that we can find that speculators are driving future prices" for oil.
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