Meantime BP’s Chief Economist Christof Ruehl says why oil prices shut in the market 2007/2008 has largely to do with a cut back on subsidies…

Speaking at a Statiscal Review of World Energy this morning at the Trinidad Hilton… Mr. Ruehl pointed out this forced many oil and gas producing countries to run into trouble because the fiscal cost was too high.

Mr. Ruehl adds a fall in demand should have moderated prices …but strongly believes there’s a cartel controlling some of the markets.