interview between George Negus [Dateline SBS Australia] and Sheikh Zaki Yamani Former OPEC Secretary General. Negus.. The world is hyper-ventilating over the price of oil, our Prime Minister,Kevin Rudd has said it's time to take a blow torch to the OPEC organisation,do you think that is really the answer or is he possibly targeting the wrong people. Sheikh Yamani...
Well I think the main problem we have is the pricing of oil,as it is now it does not reflect the fundementals, the supply/ demand. Negus... That's what people are actually struggling to understand, why is it that the price of oil seems to be out of control and this is causing immense difficulty for people, Goverments ,corporations and privately.
Sheikh Yamani...
Well we have a combination of reasons,one of them speculations and so many of these people go to a futures market as if they are going to a Casino and they gamble and people all over the world must pay the price for what they are doing this is number one two there is definately a shortage of supply.
Negus...
So what you seem to be saying there is a combination of problems there is a shortage of oil that's true but there's speculation in the market place.
Sheikh Yamani ... You have two groups, one is the oil companies and the others are Hedge funds, Insurance companies and normal people they inject Billions of dollars every day in order to make profits some time they make it and sometime they don't and then they spread some rumours of the possibility of invading Iran and problems in Nigeria and so on and so the market is subject to rumours not realities they use any excuse to push the price upward and they make money. Negus... Is this situation actually resolveable. Sheikh Yamani... When you have enough supply of oil then probably this will help in my opinion we have to change the pricing system that we have right now this is a very wrong system a small group of people they raise the price of oil and the whole world will suffer from this. Negus.. what can be done to rectify the system, to make oil affordable again. Sheikh Yamani...We lived too long with wrong system Have to have a system far away from speculation which reflects the real supply/demand situation. Negus... In reality is it possible to control something like Wall Street. Yamani... Well the future market is a major problem, I said there are different problems and this is a major problem in my opinion. Negus... People like Goldman Sacks are predicting that prices could go as high as $200 a barrel that's a frightening figure. Yamani... When you are in a Casino you can say anything. Negus... So you think that's possible. Yamani. Well it depends on what will happen when you have an unstable situation in the gulf and the expectation that there will be an attack on Iran. and Iran will respond and if they do respond it's $200 $300 per barrel could be results of that but this is a big If. Negus...
Certainly is but that would be the worst of all scenarios wouldn't it. Yamani.. One of them but how about the situation in Irak we don't know what will happen in that country. Negus... You predicted that an invasion of Irak would prompt a price of #100 a barrel now that prediction has certainly reached reality so is the war in Irak partly to blame for the situation we are now in. Yamani... I think the invasion of Irak is a major cause of what is happening right now and I don't know what will happen of course we have to wait and see who will be the coming president in the United States and what will be his policy. Negus... There are people in America who believe that the speculators are not responsible to any significant degree at least for the price movement including people like the US Treasury Secretary Henry Poulson so not everyone agrees with your explanation for what's going wrong. Yamani... Well I don't know whether they believe or they don't believe I'm an objective person and I look at this situation objectively I don't represent any side, Politics when it comes can change your mind and can make you think of one thing and another. Negus... This weekend in Jedda the Saudis are hosting a gathering of the worlds biggest petroleum producers and consumers to address this crisis what can a meeting like that achieve if the situation is as dire as it appears to be,. Yamani... Well I know the oil companies are really making a very lucrative amount of profit from a high price of oil I don't think they are very keen to reduce the price of oil the consumers are those who are the victims so I think the producers the Governments some of them are enjoying a very high revenue, they don't know the price of this high revenue will be disastrous on them because it is encouraging the alternative source of energy which is coming sometime in the future, when I don't know , when it comes the age of oil will come to an end. Negus... So you don't necessarily disagree with those who say we might be seeing the beginning of the end of the era of oil as a source of energy. Yamani... Of course, when you have a very high price of oil see what's happening and every day we hear about a new invention here and there but the day they use hydrogen for transportation this is the day when oil disappears. Negus... Whats your advise generally of how we get out of this awful bind. Yamani... I would definately change the system prevailing right now and number two I would do my best to reduce the price of oil to expand the life expand of oil for at least two decades or three decades. Negus.. I hope someone is listening to your advise and thank you very much...
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Today's Featured Article - Show Coverage: Godfrey, Illinois Country Days - by Cindy Ladage. Except for last fourth of July's Old Gold show in Springfield, Illinois, I don't remember when it was so hot. Nevertheless, the heat didn't keep vendors and visitors alike from enjoying the third annual Country Day's Event. Jane Elliott said the event was originally a one man show. "Barry Seiler, owner of Country Town Farm Supply store used to invite people up to the Johne Deere store. He would give hats and a free meal for everyone that brings a tractor." Elliott said while this
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