Oil too crucial to be left to fluctuations of markets

03/22/1999
Alí Rodríguez Araque Minister of Energy and Mines Venezuela It is common knowledge that the oil industry is going though dire times. Prices have collapsed to levels unimagined a couple of years ago. The seeds of the current crisis were planted in the midst of the short-lived upturn of the mid-1990s. In an orgy of investment, unwarranted optimism, and reckless expansions in production capacity, the oil industry put in motion a trend that has inflated inventories and flooded the world with oil. The consequences were obvious, but the signs went unheeded until prices went into an abrupt dive. Obviously, the current situation is bad for all of us involved ...
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