Traders Controlling Oil Price: U.S. Energy Secretary

Toronto Star – The world’s oil suppliers have lost control of the markets, ceding that power to traders and giving rise to greater volatility in crude prices, U.S. Energy Secretary Samuel Bodman said Friday…

“This is the first time in my professional lifetime that the suppliers of oil in the world have really lost control of the markets,” Bodman said during a two-day trip to Western Canada where he toured the rapidly developing oilsands region in northern Alberta.

“They are unable to turn the spigot and increase supplies, and therefore are unable to control oil prices.”
Toronto Star