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Politics : Rat's Nest - Chronicles of Collapse -- Ignore unavailable to you. Want to Upgrade?

To: Wharf Rat who wrote (4469)	7/19/2006 1:16:14 AM
From: Wharf Rat	Read Replies (1) \| Respond to of 24210

Sec. Bodman: Oil Producers Unable To Respond To Demand by Dow Jones NEW YORK -(Dow Jones)- U.S. Energy Secretary Samuel Bodman said Tuesday that oil producers have "lost control of the market," which is currently in hands of oil traders. Bodman, speaking in an interview with CNBC, said the producers of oil "are unable to appropriately respond to the demands that the marketplace is putting on them." Bodman, who is in Baghdad and was being interviewed via a television link, also said oil demand will exceed supply for the next year or two. "At least at the present time and for the foreseeable future, I would guess for the next year or two, we're going to see demand exceeding supply," Bodman said. "And we're going to be dealing with a very emotional situation in that environment." Bodman said there is a crisis for American families that haven't budgeted for higher gasoline prices, but he said the U.S. economy is absorbing the shock. "I believe that we see that the American economy is quite resilient," Bodman said. "It is surprisingly quite able to handle high oil and gasoline prices. But, you know, heaven knows...how long that will last." ~~~~~~~~~~~~~~~ Editorial Notes ~~~~~~~~~~~~~~~~~~~ Thanks to Jeffrey Brown for alerting us to the existence of this interview. He writes: So far this morning, I have heard two summaries of Bodman's remarks by CNBC's energy reporter, Melissa Frances. In the first report, she said that Bodman was predicting that Iraqi production would be up to 3 mbpd by the end of the year. In the second report, she played a clip of Bodman saying that the US economy was very resilient in the face of rising oil prices. So far, there was not one single reference to the United States Energy Secretary saying that world oil supply cannot meed demand. In my opinion, this is a classic case--at least so far--of the Main Stream Media in action, as described in my "Iron Triangle" thesis. Published on 18 Jul 2006 by Easy Bourse. Archived on 18 Jul 2006. energybulletin.net