Energy chief: High gas prices could last 3 years

[spindrifter]

WASHINGTON (CNN) -- Acknowledging the energy situation is a "crisis," U.S. Energy Secretary Sam Bodman said Sunday it could take three years before drivers get relief from high gas prices.

<snip>

"Clearly we're going to have a number of years -- two or three years -- before suppliers are going to be in a position to meet the demands of those who are consuming this product."

According to the U.S. government's statistics, the average cost of a gallon of gas has risen about $.60 in the past two months.

Crude oil prices went above $75 a barrel in late April, and while they have eased since then, they're still up about 17 percent this year.

<snip>
http://www.cnn.com/2006/POLITICS/04/30/bodman.gasprices/index.html

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Seems like time for some Congressional hearings and some shareholder lawsuits.

[brentspeak]

1. dupe

[tulsakatz]

2. why?

"The suppliers have lost control of the market and therefore, demand exceeds supply," Bodman said.

Isn't it their job to know when supplies are low? And aren't they supposed to be investing in the future by creating refineries, etc? At least that's what we've been told.........

It's suddenly starting to look like they're just taking these massive profits and not planning for the future! And why should they be the ones to profit while everyone else is making sacrifices?

[spindrifter]

3. It's curiouser and curiouser--

I thought the big corporations were paying their CEO's the outrageous salaries because they were supposed to be able to keep on top of market forecasts and all the rest of the business issues. They have known about the Iraq war for a long time. In fact, they knew there was a good possibility that involving Iraq in a war would decrease the supply of oil from that country--either because of sabotage or because the infrastructure needed to be rebuilt. The nly thing that was not predictable three to five years ago was the damage Katrina did to our own oil.
I think what they are not really talking about, for whatever reason, is the fact that the demand for oil is not just us. The real jump in demand is from China. That is the one variable the American oil cartel can't really deal with.

[tulsakatz]

5. when gas prices began to go up to $3.00 and more.........

...the excuse they gave us about why they are making so much profits is because they have to reinvest those profits into newer refineries and other energy sources.

But clearly, that's not true! If they didn't forsee the need now and it's a part of their job to anticipate the need, someone should be fired!

At this point, no one will believe their excuses again, if they ever did in the first place!!

[spindrifter]

13. I wonder how much of the oil

companies' stock is held by small share owners. Maybe they need to unite to vote these guys out if they have enough numbers.

[Roland99]

4. Hmm...crude up 17% this *year* and gas is up 50% in *two months*!!!

Was $1.98 here in Feb.

[BiggJawn]

6. Only 3 years? What then?

Will it not be available for love nor money?

[MiniMe]

7. The * cabal will be out of the White House

Coincidence? I don't think so.

[BiggJawn]

11. I don't think that will matter.

If you believe in a cabal of greedy CEO's in charge of the oil spigot (which I partly do) then what will their incentive be to lower the price?

Big Oil seems to be getting a lot of traction with SUV Nation with their "If it was priced too high, you Sheep wouldn't buy it" line.

Unless the next regime (probably the Democrat flavour of the Corporatist Party" jumps on Big Oil with hob-nailed boots, it'll be "Business As Usual".

[tulsakatz]

14. that makes sense!

We all know the real reason why we're paying these extreme gas prices...........Bush!!

We never saw them before Bush and I doubt that we'll see them after Bush. 3 yrs would give the next administration time to counter any failed Bush policies and get the oil situation back to where it should be!

[Spider Jerusalem]

8. Try 'forever'.

Given the depletion rate of major oilfields, odds are pretty good that whatever new production is coming onstream within the next few years isn't going to be enough to offset the decline and meet demand, which, by the way, is increasing at a rate of some two to three percent per annum. (Note to everyone who isn't paying attention: this is what 'peak oil' means. And all the legislative investigations and lawsuits in the world won't do a damned thing to fix it. Cheap oil is most likely a thing of the past.)

[Delphinus]

9. Took the words right out of my mouth

(more or less). :)

[Tesha]

10. "and then go higher still" he didn't go on to say. (NT)

[LostinVA]

12. Hmmm... just in time for someone's tour of the WH to be over

Isn't that interesting...