IEA: US Politicians and OPEC Wrong -- Speculation Not Causing Oil Crisis

The International Energy Agency (IEA) joins the chorus ridiculing US politicians and OPEC for blaming the oil crisis on “speculators”:

Blaming speculation is an easy solution which avoids taking the necessary steps to improve supply-side access and investment or to implement measures to improve energy efficiency.

The IEA cited these main drivers behind high oil prices:

  • strong demand growth
  • shortages of supply and refining capacity

The IEA also said today that crude supplies would remain tight, sending oil back near $143.

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Even Iran’s President Now Jawboning Oil Prices Down

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