October 27, 2009

WANT TO LOWER THE PRICE? RAISE THE GAS TAX:

Crude ‘at least $20 too high’ (Chris Stanton, October 27. 2009, The National)

Surging oil prices have become “divorced” from supply and demand and are now at least US$20 more than they should be, one of the world’s top oil experts warned at the Dubai Economic Forum.

With oil futures markets that set benchmark prices now serving a dual function as a site to hedge price risk and “a betting casino” for mainstream investors, the oil price had lost its link to market conditions, said Dr Robert Mabro, the former director of the Oxford Institute for Energy Studies and a prominent adviser to OPEC nations.

Posted by Orrin Judd at October 27, 2009 2:20 PM
blog comments powered by Disqus
« JOEMUNGOUS: | Main | MAKE MORE CONGRESSES INSTEAD: »