Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: Wharf Rat who wrote (7997)	6/30/2008 1:03:21 PM
From: Wharf Rat	Read Replies (1) \| Respond to of 24226

BP chief blames inadequate supply for soaring oil prices www.chinaview.cn 2008-06-30 20:16:52 Print MADRID, June 30 (Xinhua) -- The chief executive of the energy giant BP said on Monday that soaring oil prices are a result of an inadequate supply rather than speculation. "These prices are a signal that is telling us that supply is not responding adequately to rising demand," Tony Hayward told delegates at the 19th World Petroleum Congress (WPC) being held in Madrid. He suggested politics rather than geology is the reason behind the supply shortage. "The problems are above ground not below it," Hayward said. "The problem is not a geopolitical one. It is a political one," he added. Meanwhile, Hayward rebuffed the claim that speculation should be blamed for the price hike. "This is not a speculative bubble," he said, warning of the end of cheap oil due to fundamental factors. "The era of cheap energy is probably over, at least in the medium term," Hayward said. The WPC meeting, which opened on Sunday night, is the biggest gathering of leaders from the world oil industry held every three years. The meeting for this year is being held against the backdrop of the international oil price hovering above 140 U.S. dollars per barrel, sparking calls for something to be done to cool the market. news.xinhuanet.com