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Politics : GOPwinger Lies/Distortions/Omissions/Perversions of Truth
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To: tonto who wrote (127982)7/5/2008 1:28:40 PM
From: SeachRE  Read Replies (1) of 173976
 
Oppenheimer believes the current record high oil prices are not justified by supply and demand and are mainly the result of excessive speculation. They note there has been no meaningful supply disruption to fuel concerns about potential shortages, and the world's refining system has been well supplied, while oil demand growth forecast has been trimmed as a result of the worldwide economic downturn. They say the prevailing market fundamentals should have resulted in oil prices at or below last year's level of around $65/barrel, but instead, oil prices surged by more than 100% in the last 12 months. They believe the government's inability, or unwillingness, to curb excessive speculation has significantly contributed to the current oil bubble.
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