Energy Secretary Says Oil Companies ‘Have Lost Control of the Market’

[kerrygoddess]

Energy Secretary Says Oil Companies ‘Have Lost Control of the Market’
April 30th, 2006 @ 3:50 pm

On Meet The Press today, in a special one hour “in-depth discussion on Gas Prices,” Energy Secretary Samuel Bodman did not have good news on the future of oil prices. As a matter of fact the news was downright depressing. Grin and bear it, folks — tighten up the belts and the budgets because it looks like we could be in for a long ride — no pun intended. The Bush administration in sleeping with the oil whores have managed to create a fine mess…

Bodman acknowledged on Meet The Press, that, “at least for now, ‘the suppliers have lost control of the market.’”

“The oil has gone up because the suppliers are unable to make the flows equal to the demand,” he said. “… Clearly, it’s going to be a number of years, maybe two to three years, before suppliers are going to be able to keep up with those demands.”

MORE & LINKS - http://blog.thedemocraticdaily.com/?p=2824

[kurth]

1. Yes, more supplies will turn up on cue in two years

Or, demand will miraculously fall off.

Around the time Bush leaves office.

[doublethink]

2. Ya know it's not like it was unexpected.

Record big oil profits, greed, no concern for conservation, alternative fuels, the Middle Eastern concentration of oil wealth ..... or proximity. The oil wars are just a hop skip and jump away. Time to get a bike, walk, take the bus. Peace. :)

[spindrifter]

3. This is probably the straw that will ignite the barn.

Wait until America wakes up and sees how higher gas prices are affecting their food budgets. Wait until America realizes that there won't be a trip to visit granny later this year. I was behind a woman at Costco today--she put 15 gallons of regular into her Volvo and came away with over $46 charged on her card--how do I know? Her tab was printed on the top of my receipt.
I'm already starting to think about the shortest routes and whether the trip in the car is actually necessary. Drat!

[rucky]

4. It's a fucking cartel!

They have absolutely no INCENTIVE to bring down prices.

the control part is more BULLSHIT

[gristy]

5. Suppliers are supposed to control markets?

The energy secretary says that's what's supposed to happen? WTF?

[greenman3610]

6. implying that they have been controlling the market, no?

[dajoki]

7. pulling excuses out of their asses, I'm sick of the bullshit n/t

[leesa]

8. Right. You always make exorbitant profits when your company is out of

control.

[gratuitous]

9. Yeah, funny how that worked out, isn't it?

They lost control of the market and made profits of $10 billion. We should all lose so much control.

Who does the garbanzo from the original post think he's fooling?