What's the oil situation all about?How about a little "snowjob?"
Sep.'04 CRUDE OIL, ACCESS
Gimme some Saudi bullhorning...
DJ US Snow: Yukos Legal Problems Shouldn't Affect Oil Output
SPRINGFIELD, Mo. (Dow Jones)--The current run-up in oil prices probably is temporary, and is the result of a number of geopolitical concerns rather than supply-and-demand fundamentals, U.S. Treasury Secretary John Snow said Thursday.
"A number of factors has created uncertainty in the market," Snow told reporters following a speech. "I don't think the fundamentals justify prices at these levels."
Nymex oil futures for September delivery reached a new all-time high of $48.25 a barrel Thursday. Crude futures have now hit new highs in 15 of the past 17 trading sessions.
Snow cited several political concerns that have markets worried about oil supply. Snow said that the Bush administration has been assured by the Russian government that legal battles with OAO Yukos (YUKO.RS) won't diminish oil production.
"My understanding is that the Russians are committed to keeping output up," Snow said. "The court proceedings can go on without affecting production from the fields."
Snow said that the Saudi government has said it could push its oil production form the current level of 9.2 million barrels a day to as much as 10.5 million b/d right away. He said that the Organization of Petroleum Exporting Countries is also taking steps to ramp up production.
Meanwhile, the Iraqi government is devoting resources to securing its oil pipelines, Snow said.
Snow again urged Congress to pass President George W. Bush's proposal for increasing U.S. energy production. He said that had Congress approved drilling for oil in the Arctic National Wildlife Refuge would have increased U.S. oil production by one million b/d.
Dow Jones Newswires
"Snow again urged Congress to pass President George W. Bush's proposal for increasing U.S. energy production. He said that had Congress approved drilling for oil in the Arctic National Wildlife Refuge would have increased U.S. oil production by one million b/d."
It's called a Hard Squeeze on Congress by the Oily Slicks!
They desperately want access to the protected US lands with oil.
Push the Sheeple hard enuf, scare 'em, threaten their gas supplies,
and they will vote for anything proposed to take away the pain.
Most people I talk to can't seem to understand why filthy rich people,
citing the Bushes, would be driven to make more money when they
already have enuf.
Old Zen question: When is enough enough?