The Real News Network, June 23, 2008
Unregulated and criminal speculation main cause of high oil prices.
Oil consuming nations stepped up pressure on the Organization of Petroleum Exporting Countries (OPEC) on Sunday to increase production at an international summit on spiraling crude prices in the Saudi city of Jeddah. OPEC leaders are saying doubling of oil prices over the past year was due to geopolitical tension, unregulated speculation and a shortage of refining capacity rather than a failure by producers to supply enough crude. Antonia Juhasz, author of the book “Tyranny of Oil” comments on the current situation.