I refer everyone to the statement by the Saudi Oil Minister.
He said they would produce more and sell it—if there were buyers.
This is a delicate way of saying the oil speculators are driving up prices beyond the normal effects of supply and demand.
Goldman Saks is doing far more than the oil companies to reap a profit from us all right now.
Oil companies are running 8-10% profit, Goldman’s speculation and price manipulation is making them FAR more profit than that, and the oil companies are riding on their coat tails with a smile on their face.
If Congress wants to investigate something they should look at any collusion between the two managements.
That makes alot of sense. But then why did Bush ask him to produce more?
“This is not anything new and it will not help ease oil prices,” said Ehsan ul-Haq, head of research at JBC Energy in Vienna, Austria. “The oil futures market is very strong, but the physical markets are not so strong.”
http://www.freerepublic.com/focus/f-news/2005158/posts
Note the key sentence: “The oil futures market is very strong, but the physical markets are not so strong.”