Are oil companies like Exxon Mobil (XOM) and oil-rich nations like Iran worried that oil prices can get too high? You bet. Iran’s President Mahmoud Ahmadinejad, in a televised speech earlier today, was the latest to try to blame “speculators” and jawbone prices down:
At a time when the growth of consumption is lower than the growth of production and the market is full of oil, prices are rising and this trend is completely fake and imposed.
The market is full of oil? Supply growth is outpacing demand growth? Ahmadinejad once again illustrates that he’s living in another world.
This world, meanwhile, has reached a point where the Saudis may have hit peak oil production, the Hummer is a national embarrassment, First Solar (FSLR) is worth more than $20 billion, and both United States presidential candidates are preaching about a green future and energy independence. $140 oil is not good for those getting rich off of it, and they know it and are scared.
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