The following graphs of world oil supply and demand clearly show that world oil supply has not met world oil demand for several years. Demand has been greater than supply.This , the most basic law of economics, the law of supply and demand should put an end to all this scapegoating of the speculators (the free market), hopefully.
Proof that demand has not met supply for several years
We have enough oil in the ground , in oil shale , in coal to oil, etc. But democrats have not let us get to that oil and they won't unless the American people make them. How can we have enough oil production/supply when for decades Democrats have said no to more oil drilling, no to more nuclear power plants, no to more refineries, no to drilling in ANWR, no to drilling in the OCS, no to oil shale, no to coal to oil liquefaction, no to coal mining, no to coal power plants, etc. etc. and so on ad infinitum?
This is always a pet peeve with me. Different scales on comparative graphs. So, why does Oil Market Report by International Energy Agency use a scale of 2 mb/d increments for demand and 1 mb/d for supply?
In any event, it appears that supply tracks demand within a narrow price range. There seems to be no problem with supply.
Nigerian rebels shut down 200K bbl/day? Saudi Arabia tells GW it will do him a favor and increase output 200K/day.
India and China increase their demand/year? More Iran output comes on line.
Oil at $140/bbl? Congress refuses to amend Udall moratorium on oil shale production in Colorado and Utah.
yitbos