Once they lose that credibility they lose the ability to control prices and that credibility has started to slip away.
More Quotes from Gary Ross:
There is plenty of crude, but this will stoke fears of a supply crunch. There is no doubt prices will go higher.Gary Ross
World demand in the second half will average 3 million barrels a day more than in the second quarter.
Gary Ross
I've often made the comment that I don't know why everybody goes in it, because it's just an endurance test and the fun goes out of it. It's a long spiel, and I think people have changed. Years ago it was a drinking spiel, and it's not a drinking spiel anymore.
Gary Ross
They have to get compliance in order. With six million barrels a day of spare capacity they don't have any credibility in the market unless they can control spare capacity,
Gary Ross
There's no doubt there is evidence of demand destruction emerging everywhere. U.S. gasoline data over the next week will show the effect of high oil prices on demand.
Gary Ross
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