Billionaire Warren Buffett says he believes supply and demand, not market speculation, is what's driving oil prices to new heights.
Oil futures fell Wednesday after the Energy Department said the nation's supplies of fuel and oil were larger than expected last week, but prices remain above $130 a barrel.
Buffett told CNBC in a live interview that today's prices reflect a lack of oil in the world. Some people have suggested that curbing speculation in oil contracts could dramatically lower the price of oil.
And at least nine bills proposing limits on that oil speculation have been introduced in Congress in recent weeks.
Safe Harbor Statement:
Some forward looking statements on projections, estimates, expectations & outlook are included to enable a better comprehension of the Company prospects. Actual results may, however, differ materially from those stated on account of factors such as changes in government regulations, tax regimes, economic developments within India and the countries within which the Company conducts its business, exchange rate and interest rate movements, impact of competing products and their pricing, product demand and supply constraints.
Nothing in this article is, or should be construed as, investment advice.
Oil futures fell Wednesday after the Energy Department said the nation's supplies of fuel and oil were larger than expected last week, but prices remain above $130 a barrel.
Buffett told CNBC in a live interview that today's prices reflect a lack of oil in the world. Some people have suggested that curbing speculation in oil contracts could dramatically lower the price of oil.
And at least nine bills proposing limits on that oil speculation have been introduced in Congress in recent weeks.
Safe Harbor Statement:
Some forward looking statements on projections, estimates, expectations & outlook are included to enable a better comprehension of the Company prospects. Actual results may, however, differ materially from those stated on account of factors such as changes in government regulations, tax regimes, economic developments within India and the countries within which the Company conducts its business, exchange rate and interest rate movements, impact of competing products and their pricing, product demand and supply constraints.
Nothing in this article is, or should be construed as, investment advice.
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