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8 Comments

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  MikeT at 11:42 AM JST - 10th June

  I also feel something close to anger that METI appoints senior officials who do not understand basic economics, nor do they show any understanding of the industry they are commentating on. Global demand for oil products increases, supply is almost fixed, thanks to OPEC, and years of underinvestment in basic oil infrastructure, due to many years of very low oil prices. Guess what prices will go up, until the demand/supply imbalances get resolved. So that means either OPEC lifts its quotas, the non OPEC oil industry invests in additional output, or the world reduces its demand for oil. If Kitabata is so sure of his argument, he should put his money where his mouth is, and start shorting oil futures on behalf of the Government.

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  Statistician at 01:30 PM JST - 10th June

  I guess those bad speculators must be shaking in their shoes.

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  Altria at 01:56 PM JST - 10th June

  He laid down a diss, yo.

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  some14some at 01:59 PM JST - 10th June

  Because speculators don't share part of profits with METI? Press Statement from a capitalist country, noted and thanks.

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  Nessie at 04:04 PM JST - 10th June

  ‘‘I feel something close to anger over the fact that speculators are earning huge profits,’’ Vice Economy, Trade and Industry Minister Takao Kitabata told a news conference,"

  ...adding that he was "as serious as a heart attack."

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  ca1ic0cat at 10:26 PM JST - 10th June

  while the market is surely functioning as expected given increasing demand with inflexible supply there is something to be said about speculators getting rich whilst adding no particular value to the commodity.

  If Kitabata-san wants to tilt at windmills I say let him have his fun. I rate the oil speculators right up there with politicians. Of course neither care what I think.

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  usaexpat at 12:41 AM JST - 11th June

  I think he's right but I'm feeling something closer to hatred. Let me say it again, there is no fundamental shortage and no reason for the spikes except for the specualtors. Coupled with the talking heads self fulfilling proficy of $100 a barrel and now $150 a barrel you get what we have now. A handful of speculators who bailed out of the stock market and are now raping the commodities markets making fistfulls of money. I am hoping for a huge plunge in prices not just for the global economy but to see these rats get what's coming to them. Sing it with me now, whoooaa wipeout!!!!!

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  capone at 05:34 PM JST - 12th June

  he's only pissed off because he can't extort bribes from them

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