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“U.S.: Oil production has not met demand”
from CNN
June 21, 2008
JEDDAH, Saudi Arabia (CNN) — Oil prices are hitting record highs because production has not kept pace with increasing demands, U.S. Energy Secretary Samuel Bodman told reporters Saturday.
“All nations must be better at conservation, and the U.S. is at the top of that list,” said Bodman, who is attending a international meeting of oil producing and consuming nations focusing on high oil prices in Saudi Arabia Sunday.
While some have blamed speculators for driving up oil prices, Bodman said he did not believe they are the cause.
Since 2003, he said, global demand for oil has increased because of industry in China, India and the Middle East. But from 2005 to 2007, there was very little increase in supply. Read the rest of this entry »
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