The International Energy Agency published one of its gloomiest ever analyses of the oil markets, asserting that oil prices are justified by fundamentals.
It said: "Like alchemists looking for a way to turn basic elements into gold, everyone wants a simplistic explanation for high prices," bluntly adding: "Often it is a case of political expediency to find a scapegoat for higher prices rather than undertake serious analysis or perhaps confront difficult decisions."
[The author has] been told by a reliable source that the IEA has been forbidden by the US administration from updating their absurdly cornucopian oil supply and demand scenarios until the report that comes out late this year (after the election). Recent interviews of Dr. Fatih Birol (chief economist of the IEA) have been available in the German media but are not translated into English.
more at: http://www.energybulletin.net/node/45695