US Energy Secretary - There Is Not Enough Oil On The Market - Gulf Times

[hatrack]

Thanks, Secretary Obvious! :eyes:

DOHA: US Energy Secretary Sam Bodman says there is a shortage of oil in the market.

But he, however, said the current high oil price is a combination of various factors including a sliding dollar and instability in certain parts of the world – mainly Nigeria, Venezuela and Iran from where there are significant oil supplies.

Speaking to journalists during his brief visit to Doha yesterday, Bodman said there was nothing called an “ideal price” for oil.
“I don’t want to make any forecast about the oil price. Having said that, if it were to come to pass, then it stimulates the need for additional supplies and sources of energy. Energy security is vital and requires a global approach for which the world must co-operate on expanding and diversifying the energy supplies and suppliers. We must also invest on new supply routes,” he said.
Bodman said he was fully aware of Opec holding a different view on current oil supplies.

“Yes, I know they maintain the view there is enough oil in the market and that geopolitics coupled with speculation, and not supply constraints, drive prices up. We honour their (suppliers) view but it is in the interest of all that we have energy security,” he said.

EDIT

http://www.gulf-times.com/site/topics/article.asp?cu_no=2&item_no=197253&version=1&template_id=48&parent_id=28

[Cant trust em]

1. Or, there aren't enough types of renewable energy sources

Oil isn't the only answer, Mr. Secretary.

[hunter]

2. You could beat these guys with a clue stick for the next ten years...

... and they still wouldn't get it.

Their economic worldview has become decoupled from the harder realities.

We've reached the point where turning up the tap doesn't increase production, the point where leisurely riding the extraction slope down becomes the most profitable path for everyone in the industry, the point where undercutting your competition doesn't gain you the control of any further economic resources.

The most sensible thing to do in this situation is to merge with your competition and count the money, which is what the big oil companies have done. The race to the top is over.