Colombia hosts cocaine summit to find cause of price rise, Bush says cause is inadequate supply

Since when do we deal with our addiction by going to summits hosted by drug suppliers? Yet here is the Washington Post:

Saudi Arabian Oil Summit Hopes to Isolate Cause of Price Rise

JIDDAH, Saudi Arabia, June 21 — Leaders from oil-producing and oil-consuming nations will meet here Sunday to try to pinpoint the reasons behind the rise in oil prices, which have doubled over the past year, and to find ways to bring them down.


You cannot make this stuff up. I can “pinpoint” the reason prices are high. We are addicted to your product, just like the president said. We will pay any price you charge and do nothing whatsoever to break the addiction. Heck, we will even go to a summit you host to talk about anything but our addiction.

U.S. Energy Secretary Samuel W. Bodman, representing the world’s top oil consumer, said Saturday that insufficient oil production is driving the soaring crude prices. Oil production has not kept up with increasing demand from developing countries including China and India, Bodman said.

Has your head exploded yet? Is Big Media that gullible? Don’t answer that second question. Is the energy secretary unaware that we still use twice as much oil as China and India combined? Is he unaware supply is limited but that his boss has blocked most efforts to reduce demand? (See “Peak Oil? Bring it on!“)

Question for the Energy Secretary: What country’s insatiable thirst for oil imports is most responsible for the tightening world market from 1995 to 2004?

Hint: It’s not China. From 1995 to 2004, China’s annual imports grew by 2.8 million barrels a day. Ours grew 3.9 million.

I think Bodman may be the worst energy secretary of all time, and that is saying a lot. Let’s not forget Bush Secretary of Energy Spencer Abraham, the ultimate delayer, who said in 2003:

Either dramatic greenhouse gas reductions will come at the expense of economic growth and improved living standards, or breakthrough energy technologies that change the game entirely will allow us to reduce emissions while, at the same time, we maintain economic growth and improve the world’s standards of living.

Now Bodman and the Washington Post did provide one useful service in this article. They made clear that oil prices are going to get much, much higher:

In the absence of any additional crude supply, for every 1 percent of crude demand, we will expect a 20 percent increase in price in order to balance the market,” [Bodman] said.

Until the recent price spike, demand had been rising about 2% per year. Given how hard it is going to add much new supply, beyond replacing the decline in supply from any existing countries, we are no doubt facing $200+ barrel of oil in the not-too-distant future.

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5 Responses to Colombia hosts cocaine summit to find cause of price rise, Bush says cause is inadequate supply

  1. Jay Alt says:

    “All nations must be better at conservation, and the U.S. is at the top of that list,” said Bodman

    Now that’s just the message Dick Cheney has been trying to get across for 8 years.Dick finally got someone to listen and it was Samuel Bodman.

    For more information, see below:

  2. Paul K says:

    The UK Guardian reports:
    James Hansen, one of the world’s leading climate scientists, will today call for the chief executives of large fossil fuel companies to be put on trial for high crimes against humanity and nature. He is also considering personally targeting members of Congress who have a poor track record on climate change in the coming November elections. He will campaign to have several of them unseated.

    By any ethical standard, Dr. Hansen must leave his job at GISS.

  3. By any ethical standard, James Hansen is one of those scientist, who is trying to push the results of science into politics. Only if politicians were able to do this job, but they are not (obviously). They are decisionsmakers, and they should listen to decades of warnings from scientists… what is Your real problem with Dr. Hansen? Tell us…

  4. Dennis says:

    Paul k, Yes — deal with the climate crisis as the deniers have all along: make an ad hominem attack.

  5. isabella says:

    “Hope is not the conviction that something will turn out well but the certainty that something makes sense, regardless of how it turns out.”

    — Vaclav Havel


    Crack Cocaine