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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: UncleBigs who wrote (55738)3/10/2006 7:51:26 PM
From: I_C_Deadpeople  Read Replies (1) of 110194
 
"Saw an interview with the CEO of Exxon Mobil this week who said there is no shortage of oil and that the price should be in the low 30's.

As far as I can tell, he is either telling the truth or is trying to deflect criticism away from his company (charges of price gouging) towards the worldwide terror premium."

Here is the problem, Exxon and this ass clown in particular are attempting to keep people in the dark while other oil companies are stating publicly that oil supply is an issue. So, if this Exxon CEO is so adament about all this mystery oil out there why is his Company reducing its exploration budget? Why are they themselves not finding and accumulating all this mystery oil? I am getting tired of all this crap about a 'premuim' being built into the oil price for risk, etc. The price is what it is. If you want oil you pay the market price. If some country had a billion barrels waiting to be sold right now then they would sell it without any 'risk premium' and if no one buys it they would drop the price. The current oil price is geological not geopolitical. Supply/Demand, basic math. If there was an oversupply of oil, then comments from the Middle east or civil wars in Nigera would not have a measurable effect on the price.
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