US (DOE Sec.) Bodman: Oil Producers Unable To Respond To Demand-CNBC

[jpak]

http://www.easybourse.com/Website/dynamic/News.php?NewsID=25193&lang=fra&NewsRubrique=2

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.

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edit: translation - Peak Oil is here....

[Joe for Clark]

1. What an A-hole.

Does he work for us???

What a stupid thing to say.

Joe

[Kolesar]

2. It sounds correct to me ... eom

[Joe for Clark]

3. Which is correct??

You know, such words from government officials can cause runs on markets.

I thought the guy was working for Saudi Arabia.

Joe

[Kolesar]

4. the whole problem of peak oil is that the product is now a commodity

so the price is controlled by supply & demand instead of being controlled by a producers' cartel.

[Joe for Clark]

5. You'd think so.

They can control demand, have no doubt.

DO you know the collective "reserve" of gasoline that exists in our "collective" fuel tanks today.

Scary.

I'll tell you one story, at least one of those oil companies held at least 6 tankers off the coast (of LA) in 1979 to drive costs up 10 cents a gallon.

They did. And it wasn't even illegal. And my Dad was the Director of Operations of that oil company.

Oh, they can control demand.

And that was in the day that oil companies were operated by engineers and geologists.

Now its f-cking lawyers and accountants.

That IS a scary thought.