09Jun2008 BP chief says lack of investment to blame for oil spike (D Tel)

Daily Telegraph, 09/06/2008

The head of BP warns that 25 years of under-investment cannot be reveresed quickly, so the prospects for improving the over-stretched oil supply chain are remote. Nevertheless, the oil price fell from its record level on the statement of Saudi oil minisiter Ali al-Naimi that the current very high price was unjustified.

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