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Posts Tagged ‘speculators’

Consumers at fault for high prices says BP

Posted by mhudema on July 1, 2008

Oil giant blames consumers, not speculators, for soaring prices
Shaun Polczer
Canwest News Service

MADRID – Much-maligned speculators aren’t to blame for soaring oil prices, the head of Anglo oil giant BP PLC said Monday.

Rather, it’s consumers who have pushed demand for energy to new heights that are the cause of runaway crude prices, Tony Hayward told the inaugural session of the 19th World Petroleum Congress.

The rookie CEO of the world’s second-largest oil company said sky-high crude prices are “completely based on fundamentals,” and characterized speculators as “investors” rather than profiteers.

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