Oil demand just too great

Dr. David Yergin speaking about the pressures the global economy has placed on oil demand at the Joint Economic Committee. Yergin adds how he views the issues facing the supply side of economics in the oil markets.

According to Yergin, approximately 60 percent of our energy comes from oil and gasoline and one reason why the price of oil has risen 70 percent has been a shortage of the overall supply of oil itself. “There’s been a slow response of supply; why? One is the issue of access around the world, secondly is uncertainty about investment fiscal and regulatory regimes and thirdly a shortage of equipment and people,” said Yergin. (0:28)

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Hofmeister: Oil price increases not controlled by oil companies

Shell Oil President John Hofmeister says that increases in oil prices are not caused by the actions of oil companies, but by increasing demand and other factors.
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