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Article: EIA points to investment flows as key driver of high oil prices.(United States. Energy Information Administration)
- Article from:
- The Oil Daily
- Article date:
- March 5, 2008
- Author:
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The head of the US Energy Information Administration (EIA) weighed in on the topic of high oil prices Tuesday, saying that investors in oil futures are a key factor behind recent sky-high prices.
EIA Administrator Guy Caruso said "non-fundamental" factors are pushing the market higher, pointing out that the weak dollar and an influx of capital into commodities are having a major impact on prices.
Caruso also talked about impact on prices of the US government's policy of filling the Strategic Petroleum Reserve (SPR) with oil at current prices of around $100 per barrel.
Speaking before the Senate Energy and Natural Resources Committee, Caruso ...