add-on add-on..
and Saudis. :-)
To all the Opec’rs out there underpumping, you’re only cutting yur own throats in the long run.
Rush just mentioned this..
Oil executives defend size, profits before Senate
H. JOSEF HEBERT, Associated Press Writer
http://news.yahoo.com/s/ap/20080521/ap_on_go_co/oil_congress;_ylt=Ao613yuSV0QKt4UBG_3SFRCyFz4D
WASHINGTON - Senators told oil executives Wednesday that high oil prices cannot be explained by supply and demand and the oil industry’s concentration — and OPEC price collusion — is contributing to the costs facing consumers.
Executives of the five largest oil companies were appearing before the Senate Judiciary Committee.
Committee Chairman Patrick Leahy, D-Vt., said there’s an unexplained “disconnect” between prices — at nearly $130 a barrel — and legitimate supply and demand.
“We need to get prices under control.... We can only conclude that the oil markets have failed,” said Sen. Herbert Kohl, D-Wis.
But Shell Oil Co. Chairman John Hofmeister said the prices can be explained, saying, “The fundamental laws of supply and demand are at work.”