Oil In The News

As I have said before, President Bush and the Republican Party are the most likely first victims of expensive oil, and so he's decided to come out talking. It's usually a bad idea to lead with your jaw, but that's never stopped Bush before.

Second, OPEC talks down the super spike mentioned earlier, claiming they will be able to meet world demand and then some:

Crude oil won't climb as high as the US$105 a barrel suggested in a report by a Goldman Sachs Group Inc analyst, said OPEC's Acting Secretary-General Adnan Shihab-Eldin.

​ "We do not think that prices have to go that high," Shihab-Eldin said in an interview on the Australian Broadcasting Corp's Inside Business program yesterday. A March 30 report by Goldman analysts said crude oil prices may reach US$105 because of a "super spike" caused by increasing demand.

Shihab-Eldin, a Kuwaiti who formerly headed research at OPEC, said prices are "high enough and maybe too high and we need to bring them down to a moderate level."

Well, good luck with that, eh?

Last, former Yukos head Mikhail Khodorkovsky has a sentencing date. The word "kangaroo" comes to mind, and not prefixed with the word "captain", either.