Thursday, April 21, 2011

Obama Announces Gas Price Task Force

"We're gonna make sure that no one is taking advantage of American consumers."

Too bad the task force won't have any authority over the Saudis.
This from the Wall Street Journal:
Unreliable data on oil production—starting with the world's largest exporter, Saudi Arabia—are adding to the price volatility triggered by unrest in the Mideast, despite efforts to improve transparency.
Saudi Arabia said on Sunday that its production had been at least 700,000 barrels a day lower in March than existing estimates, including those published by the Organization of Petroleum Exporting Countries. The surprise news pushed the price of oil down by more than $1 per barrel Monday morning.
The revelation highlighted a problem that is roiling markets at the moment: a dearth of solid information about the true state of production and supplies.
"Markets are fueled by a lack of reliable information," said John Hall, a London-based oil consultant. "Nobody knows if we are short of oil."