Paulson: No Quick Fix for Oil Prices

[flashl]

Source: NY Times

DOHA, Qatar (AP) — Treasury Secretary Henry M. Paulson Jr. said there was no quick fix to high oil prices, which he called an issue of supply and demand.

Mr. Paulson said Sunday that inflation in the Persian Gulf region was “significant” but suggested that gulf countries’ pegging their currencies to the weak dollar was not the only reason.

The Treasury chief was in the Mideast to deliver a message to officials of Saudi Arabia and other oil-producing nations that soaring oil prices are putting a burden on the global economy.

He is urging the countries to open their oil markets to investment that can increase yields, exploration and production.

NY Times

Read more: http://www.nytimes.com/2008/06/02/business/02oil.html?_r=1&ref=world&oref=slogin

---

Will someone send Mr. Paulson the memo subjected: IT'S THE HEDGE FUNDS, NOT ECONOMIC FUNDAMENTALS DICTATING PRICE IN THE ENERGY MARKETS?

[keopeli]

1. He is urging the countries (allow) investment that can increase yields, exploration and production.

[SpiralHawk]

2. "Republicon cronies have an absolute right to Maximum Profit. Smirk." - Republicon cronies

"Too bad about you little people. Smirk" - Conservatively Compassionate republicons

[dipsydoodle]

3. Hedge funds and

effectively blowback from the war in Irag.

[4dsc]

4. No quick fix to peak oil...

I hope everyone has fastened their seatbelts because its going to be a bumpy ride for a few decades..

[Barrett808]

7. Word. n/t

[tanyev]

5. Hedge funds determined to attack inside the United States?

No one could have anticipated that.

[David__77]

6. US policies have caused the price increases in large part.

It's not too hard to see that. US monetary policy adds fuel to the fire. And there will be more significant economic consequences in the future.