| Gasoline prices remain high, and Reuters recently noted that there are enough countries with civil unrest, technical problems, and bad weather with around a million barrels a day of possible supply that are not getting to the market. Yet with Saudi Arabia continuing to reassure that it is willing to pump more oil if needed, there appears to be, superficially, little cause for supply concerns this year. By the same token, concerns over supply in the longer term also seem to be increasingly discounted. For example, Citigroup has just released a new report on Energy 2020: North America as the new Middle East. The report suggests that there is really no concern with future supplies of oil and gas, perhaps most clearly shown with this plot... |
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