As oil rose above $94.00 today, in a post on todays Forbes.com, Energy Information Administrator Guy Caruso was quoted as saying:
The average price of crude oil was $66 in 2006, is expected to rise to $72 this year and will reach $85 a barrel in 2008, Caruso said in testimony prepared for a joint hearing of the Senate's permanent subcommittee on investigations and the subcommittee on energy that's focusing on speculation's role in the recent oil-price surge. . . . more
EIA is talking about the actual prices for crude, which tend to be lower than WTI Texas futures, simply because they're heavier and have a higher sulfur content. The US average right this minute is $82/bbl according to them.
Posted by: Robert McLeod | December 13, 2007 at 05:09 PM
Do these people actually understand how futures work? If futures traders are speculating the market so high, then producers who have not sold their oil as futures should be able to easily undercut prices and drive out other business. It's the fact that all the production is being used that allows speculators to increase prices. Supply is less than demand, and we all know from econ 101, when supply is less than demand, prices surge.
I don't see why more aren't welcoming these prices. It will only get us off oil sooner.
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