Treasury Secretary Henry M. Paulson Jr. stated the obvious Sunday and claimed there is no quick fix for oil prices. In the face of strong and growing demand, Paulson sees the oil problem as lack of supply, not “speculation”:
Production capacity has not seen new development..I don’t see a lot of short term answers.
Early Monday Hank reaffirmed these sentiments by claiming the weak dollar and speculators “are likely only small factors” in the rise of oil prices.
He made both these statements while in the mideast to deliver this startling message to Saudi Arabia and co.: sky-high oil prices are killing the global economy.