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Gold/Mining/Energy : PEAK OIL - The New Y2K or The Beginning of the Real End?

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From: kryptonic6	3/5/2005 5:44:33 PM
	of 1183

Laugh until you cry: Lawmaker Asks Bush to Seek OPEC Oil Price Cut Fri Mar 4, 2005 04:15 PM ET ----------------- NOTE: This Senator (a Democrat) is urging Bush to urge OPEC to "increase oil supply". In case you still harbored any illusions about politicians on either side getting real about the Peak Oil crisis. ----------------- WASHINGTON (Reuters) - A U.S. lawmaker on Friday asked the White House to explain why the Energy Department had not pushed OPEC to help lower crude oil and gasoline prices when the cartel meets later this month. U.S. Energy Secretary Sam Bodman said at a Senate committee hearing on Thursday that the Bush administration had "limited" influence in getting OPEC to boost production and lower prices. When Democratic Sen. Ron Wyden of Oregon asked Bodman why he had not telephoned OPEC ministers to lobby them to lower energy prices, the secretary responded: "I have a lot on my plate." Wyden did not like that answer and took his dissatisfaction with Bodman's job performance in dealing with OPEC to the secretary's boss -- President Bush. In a letter sent Friday to the president, Wyden said high oil prices should be a concern for the administration and he asked Bush to "personally use your capital" to convince OPEC to lower crude prices. "With oil prices now approaching the highest levels ever and experts predicting the price could rise above $60 per barrel, I urge you in the strongest terms possible to ... convince OPEC leaders to increase oil supply and bring down oil prices," Wyden said in his letter to Bush. The cartel next meets on March 16 in Iran. An OPEC official said on Friday that the cartel would release a statement on Monday reiterating that OPEC would meet any oil supply shortage and it would not cut production given the recent spike in crude prices. U.S. crude oil prices this week topped $55 a barrel, the highest level in more than four months. © Reuters 2005. All Rights Reserved. reuters.com

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