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Speculation Adds To Oil Price Surge
By Mr Ethanol | March 5, 2008
San Jose Mercury News:
Market speculation on energy prices may have added as much as 10 percent to crude oil costs and the peak may be yet to come, a top Energy Department official said Tuesday.
Guy Caruso, head of the department’s Energy Information Administration, told a Senate hearing that supply and demand would suggest a price of about $90 a barrel.
Prices fluctuated around $102 a barrel Tuesday—although futures prices later dropped below $100 a barrel on the New York Mercantile Exchange—on word that the Organization of Petroleum Exporting Countries are likely to keep production as is when they meet on Wednesday. Oil prices had surged to $104 a barrel on Monday.
President Bush, meanwhile, chided OPEC for failing to pump more oil as energy prices soar and the U.S. economy slumps. “My advice to OPEC is understand the consequences of high energy prices,” Bush said after an Oval Office meeting with Jordan’s King Abdullah II.
“I think it’s a mistake to have your biggest customers’ economies slowing down as a result of higher energy prices,” Bush said.
Caruso said that supply and demand cannot account for all of the recent price surge.
“Something is clearly going on,” he told the Senate Energy and Natural Resources Committee. Read more.
Topics: Cars, Ethanol, News, Oil, Prices |
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