Bodman sees up to three years of fuel pain
April 30: Energy Secretary Samuel Bodman speaks with Tim Russert of NBC's "Meet the Press" about long-term rising oil prices.
By Alex Johnson
Reporter
MSNBC
Updated: 12:01 p.m. ET April 30, 2006
Gasoline prices have soared an average of 60 cents a gallon in less than a month because suppliers are unable to keep up with demand, a situation that could persist up to three more years, Energy Secretary Samuel Bodman said Sunday.
Bodman said on NBC’s “Meet the Press†that the shortfall was a sign of a stronger economy under President Bush, but he acknowledged that, at least for now, “the suppliers have lost control of the market.â€
“The oil has gone up because the suppliers are unable to make the flows equal to the demand,†he said. “... Clearly, it’s going to be a number of years, maybe two to three years, before suppliers are going to be able to keep up with those demands.â€
Bodman blamed demand from China and India, reduced refining capacity after Hurricane Katrina, and inadequate planning for shifts to cleaner fuels like ethanol and low-sulfur diesel for causing market “dislocations†that led to rising prices, but Red Cavaney, president of the American Petroleum Institute, the industry trade group, said the war in Iraq played a major role, too.
more at this url:
http://www.msnbc.msn.com/id/12531620/
More fuel woes ahead
Discussion in 'Prius, Hybrid, EV and Alt-Fuel News' started by walt, Apr 30, 2006.