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.