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April 30, 2006
Meet the Press on Energy
There was a reasonably useful Meet the Press today on energy prices. Dan Yergin, Jim Cramer, Secretary of Energy Sam Bodman and American Petroleum Institute President Red Cavaney were all there for the full hour. While there was some of the usual "blame the oilcos" rhetoric, it's still worth watching here.An aside: Why are so many people in the oil industry nicknamed "Red"?
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It’s difficult to believe these guys don’t get simple facts:
-Oil prices are set in the market, not by oilcos
-American oilcos are too small to collude when compared to nationalized oilcos from UAE, Saudi, Iran etc
- American consumer and his desire not to conserve
- Improper city planning by not promoting mass transit, railways for transportation of goods etc
- Asia
There is no quick fix.