Don't blame speculators for high prices say oil bosses

Don't blame speculators for high prices say oil bosses

www.euronews.net

On the day that crude touched new records above $143 a barrel, the heads of some of the world’s biggest oil companies have rejected claims that speculators are driving up prices. At an industry gathering in Madrid, the World Petroleum Congress, they instead blamed the fact that new supplies are not matching demand.

Repsol’s chief executive, Antonio Brufau, said: “Even if the supply and demand situation remains under pressure, there’s not a real problem right now with oil production...

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...I don’t believe we’re going to see it at $200 a barrel.”

Very interesting spin here. First off they ask we do not pay attention to Speculators because they are NOT the problem, "trust us" *wink wink*

They claim it is an issue of supply and demand, much like what we are hearing here in the USA ... "Drill ANWAR, Drill off shore", BUT they are saying there is no problem with Production, and make the case that oil wont reach $200 a barrel.

This sounds highly conflicting to what we are being told here in the states, so which is it? Is it lacking production? Is lit speculation? Or is it simply time we dump the oil industry and find a new staple energy source for t5he world BEFORE these bastards get their greedy hands into the cookie jar?

www.euronews.net
(visit the link for the full news article)

As I said in the other thread, this is a continual merry-go-round of lies and deciept, and endless greed. >NOBODY< is to blame, nobody is responsible. Nothing gets solved or changed. The pillaging and plundering continues. Everyone continues raking in record billions in profits, but they're not to blame.

This is the epitome of bottomless greed. The entire oil industry is scum. They won't be happy until they've extorted the last pennies out of everyone's empty pockets.

reply to post by DimensionalDetective


I am in total agreement with you. It amazes me because what will be left to enjoy when they are done? Their actions are slowly yet surely undoing entire nations.

All the money in the world will be meaningless if there is no stability left or place to retreat to once it all comes tumbling down. Greed IS blind I guess.

Animal, Its like everyone bashing Exxon/Mobil for high prices when they have only 2% of the worlds market. 68% of the worlds oil that has been drilled for is owned or controlled by despotic nations. In the US only two companies are actualy US owned. A few days reading the WSJ will give you more info on what the actual market is and how its manipulated as opposed to what the MSM or AlGore tell us!

Zindo

"Don't blame speculators for high prices..." - The concept is laughable!

Of course "supply and demand" is always an issue, but, speculators exacerbate the problem manifold. This problem occurs from the rich guys pushing prices up to the man in the street emptying stocks from petrol stations because he thinks there will a shortage/price increase.

The real problem is that a commodity that we now rely on is subject to arbitrary market forces - most of them internal. The barrel cost of the oil isn't the problem per se, it is the cut that everybody adds on top: from the oil companies to the government taxes.

In the UK, the cost of filling up a car is distributed roughly as:

- forecourt ~5%,
- the oil cost ~32%
- taxation ~63%

63%... God bless our own government.

It can be easy to lose sight of the inherent worth of a commodity to our very existence when billions of bucks are floating in front of your eyes.

[edit on 2-7-2008 by SugarCube]

Sugarcube, just exactly right. The average price to get a barrel of oil out of the ground and processed is 51.00 US. All the rest is distribution, profit and TAXES. Mostly taxes. Speculators play games with pricing in futures, many times, based on data that should have no bearing on the market.

Zindo

Originally posted by Animal
... Or is it simply time we dump the oil industry and find a new staple energy source for t5he world BEFORE these bastards get their greedy hands into the cookie jar?

If horse drawn stagecoach builders had had this much power, we'ld still be driving around in carriages and buggies, and our mass transit would be stagecoaches. God, yes, we need to up humanity's investment in new energy sources, such as renewable.