Former Fed chief warns on oil supply (Greenspan)

[sabra]

http://news.ft.com/cms/s/6044472e-f68b-11da-b09f-0000779e2340.html

Former Fed chief warns on oil supply

International oil markets have become so tight that even small acts of sabotage could result in further large price rises, Alan Greenspan, the former chairman of the US Federal Reserve, said yesterday.

"The balance of world oil supply and demand has become so precarious that even small acts of sabotage or local insurrection have a significant impact on oil prices," he said.

Mr Greenspan painted a bleak picture of the world's rising vulnerability to high crude oil prices, saying he was sceptical that oil producers could pump enough crude to meet future demand.

He said that although US businesses had been able to absorb higher energy costs, consumers were struggling to cope with high gasoline prices. Crude oil prices are now at about $70 a barrel.

[OrangeCountyDemocrat]

1. &*CK YOU GREENSPAN!

How long did it take for the lightbulb to come on alan dipshit.

[struggle4progress]

2. Al says we're "weaning" ourselves from foreign oil. Yeah, sure, Al:

Reducing America's Energy Dependence
Breaking our addiction to oil is the real solution to high gas prices
http://www.nrdc.org/air/transportation/gasprices.asp

[Skink]

3. He's Baack!!!

[neoblues]

4. "No Problem" thinks

the Christian Republican... "As soon as we conquer Venezuela... (heh, heh...) we'll have five times the oil reserves of Saudi Arabia! All to ourselves! Energy Schmenergy, no problem... we're still "The Most (drum roll) Powerful Country on Earth!" ...and what good is Power unless you use it?"

The Godless Libruls respond: Uh... that'd be (a) another War/quagmire, with countless innocent deaths, and even if we could get away with it without having every country in Central and South America declare war on us... it'd also be (b) immoral, unethical, corrupt, greedy stealing! By the way, both (a) & (b) above, my dear Christian Republican "American", are among your 10 Commandments! Oh, I forgot, those Commandments only apply when gas prices are under $2 a gallon... and why should you care about non-white "foreigners"... Well, don't you realize that it's "refining capacity" and "uncertain/unstable world relations" that's the excuse behind those gas prices--and this won't help... What's that, I'm talking just to hear myself speak? Great, just great. Here we go again.

[hatrack]

5. It's OK, Uncle Alan - we'll just fill 'er up with INGENUIITY

Fucking economists.

[depakid]

6. Read between the lines

That's a tacit admission that we're at or very near peak oil production.

[RCinBrooklyn]

7. He just told big oil to create a crisis and raise prices sky-high!

[Demeter]

8. I Thought Greenspan Died 6 Years Ago

and was replaced by a Bushbot Pod Person.