"OPEC nations consider increase in oil production" by Barbara Lewis, Reuters | June 22, 2008
JEDDAH, Saudi Arabia - Saudi Arabia and other producers with oil to spare could agree to raise output at an emergency meeting of energy powers this weekend, but the Organization of Petroleum Exporting Countries says speculation, not supply, is behind high prices.
Riyadh summoned energy producers, consumers, and chief executives from big oil firms to meet today. The oil price has more than doubled in a year to almost $140 a barrel, triggering protests from Brussels to Bangkok over record fuel costs that threaten the world's economy....
Not in my War Daily. Why?
US Energy Secretary Sam Bodman said yesterday that producers must pump more to ease the pain felt in the United States and elsewhere from record fuel prices. He blamed tight supplies for the price surge....
I'm sick of the lie!
It's the DIARRHEA DOLLAR and its PFFFFFTTTTT!
While consumer nations have said an increase in OPEC output would help to calm runaway oil markets, OPEC member countries have repeatedly blamed factors that include speculation, a weak dollar and political instability.
Libya's top oil official, Shokri Ghanem, said the market had more than enough crude. "There's oversupply in the market. We believe the prices are high, but it's not because of supply and demand," he said....
Sigh! But AmeriKa's agenda-pushing MSM rarely ever tells you that -- just like they rarely tell you its the shit dollar's fault!
Today's meeting also is expected to look at whether speculation is responsible for current price levels and what can be done about it...."
Here is one thing: The Boston Globe's Oil Obsession (second story down)
