US Energy Sec. Bill Richardson said Wednesday that his department would convene a conference this summer to explore how the US could improve the accuracy of world oil pricing data.
Richardson said the Department of Energy needs data �that we can more effectively rely on.�
The US Energy Information Administration, an independent agency within DOE, collects US oil market data for the government. The International Energy Agency in Paris collects some world data, but DOE desires a more comprehensive data set.
An EIA official said the July meeting in Madrid would seek to improve international market data. Better data on global crude and product stocks is particularly necessary, he said.
In a talk to the World Economic Forum in Washington, DC, Richardson was asked what the world price of oil should be and replied that decision should be left to market forces.
�Clearly, $10 is too low, and $30 is too high. We think there is a moderate price in between. It's important that market forces set this price. It's important that there be a dialogue between producing and consuming countries.''
Richardson said the administration still is �exploring the possibility� of a tax credit for marginal US production and may propose a bill shortly, as a means of shoring up US production.