Thank you, Mr. Chair.
Welcome to the committee. There is one question on everyone's lips: why do crude oil producers not have inventory on hand to accommodate any eventuality? Prices go up when there is a mere gust of wind in any oil-producing country. If there was inventory on hand, the price would remain the same even with that gust of wind. Why do crude oil producers not have inventory on hand to take care of those situations?
Is this artificial scarcity not the reason why the price of a barrel of oil goes up?