CNN: Oil Prices Are Too High
It's not news to most Americans, but CNN columnist Paul R. La Monica today wrote that oil prices are too high.
La Monica stopped just short of blaming speculators, but did make it clear that many analysts and oil CEOs believe that Saudi Arabia has plenty of excess capacity to more than make up for any problems with Libyan supply.
He also doubted that the uprisings in the Middle East-North Africa (NEMA) region will spread to Saudi Arabia or Iran.
But energy analysts like Gregor Macdonald noted the opposite likelihood – that Saudi Arabia and other oil producers in OPEC and beyond may not have the ability, both logistically and actually to increase production.
Macdonald wrote last week:
"Even if OPEC is indeed sitting on 1-3 mbpd of spare capacity, it's not clear for how long they can both increase production, and export that production to the world."
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