Iranian Oil Minister Says Global Petroleum Markets Are Oversupplied

Story dated 26 April 2005

"Global petroleum markets aren't short of crude oil and may even be oversupplied, Iran's oil minister said Tuesday." I suspected as much. It appears that the rise in oil prices are for no reason at all -- except maybe Bush's abandonment of the strong dollar policy coupled with a general refusal in this country to build new oil refineries. And let me just say right now, if we aren't willing to develop the idea of a Solar Energy Production Satellite, or another viable alternative energy technology, we need new refineries. In fact, even if we do develop such new technologies, we are going to need new refineries in the short run, anyway.
---------Bush to Propose Oil Refineries at Ex-Military Bases
---------Oil prices were down slightly in Asian trade today as the market awaited the release of key US economic growth data and as positive sentiment on Saudi Arabia's supply capabilities eased

posted by The Sovereign Editor | 4:57 AM

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