Bill Nelson: “over the past half year, as the price of a barrel of oil has rocketed into the sky--all the way to $147 a barrel and in…”

“over the past half year, as the price of a barrel of oil has rocketed into the sky--all the way to $147 a barrel and in 1 day the price escalating $25--there have been a number of Senators on this floor and in committee meetings and in private discussions saying: Why won't people wake up and realize it is not the economic marketplace of supply and demand that is determining the price of oil? Who wants us to believe that? The oil companies, of course. In fact, the price of oil has escalated not because there is a tightness on the world marketplace of demand for oil. Indeed, at the very time of a 6-month period from the last quarter of last year until the first quarter of 2008--that 6-month period when the demand for oil was going down and the supply was going up, which would indicate the price should be going down if supply is greater than demand--exactly the reverse was true. The price kept rocketing to the Moon. It defied the laws of supply and demand.”