UAE Blames High Oil Prices On (Drum Roll Please!) - That's Right, SPECULATORS!!!!

[hatrack]

ABU DHABI, Jan 7 (KUNA) -- United Arab Emirates Minister of Energy Mohammed Bin Dha'en Al-Hamili blamed Monday the recent price rise of crude oil on "reasons other than supply and demand."

"The hike oil prices which surged to USD 100 per barrel is brought about by speculative elements, investment funds and a number of geopolitical factors," the minister told reporters here.

The Organization of Petroleum Exporting Countries (OPEC) is watching the situation of world oil market closely, he pointed out. The OPEC and the UAE are working together to ensure providing the world market with sufficient oil supplies and stabilizing the oil prices, he noted.

The UAE minister urged for dialogue between oil consumers and producers to restore stability of the oil market and ensure the interests of both sides.

EDIT

http://www.zawya.com/Story.cfm/sidKUN0092080107171656/SecMain/pagHomepage/chnAll%20Regional%20News/obj2A17E941-F5E0-11D4-867D00D0B74A0D7C/

[earthside]

1. UAE Has Peaked

What do you expect the UAE minister to say? His country probably peaked in 2006.

http://www.theoildrum.com/node/3064

It's a half truth really ... speculators are responsible for some of the price increase. But the reason speculators are so involved is because they know that world petroleum production most likely is in the midst of the peak plateau. It's the beginning of the end-game for making a fortune on oil.

[sam sarrha]

2. true.. from about 24% to 30%, plus the Terra insurance.. >Link>>

http://www.senate.gov/~levin/newsroom/release.cfm?id=257862

the 'Clinton Prosperity' era was because he taxed the hell out of speculation, keeping prices down and tax revenues up.. that is why the Reich hates him with so much spit and bile

..and crap in their pants every time they even think hillery will be elected president

[AlertLurker]

3. He's absolutely right.

Anyone take a look at LSC or Brent futures markets for Oct 2008? It's just freakin' NUTS!

It's refreshing to hear ANYONE who isn't constantly parroting the oil industry's "supply and demand" bullshit!

Follow the $$$. USD drops, oil increases in price. I wonder wh doesn't want to take the hit? Wait until April earnings reports...Cheron/Exxon/etc.. $$$BILLIONS!!!