Who Is Telling the Truth

Big Oil was back on Capitol Hill today, getting grilled about the sky high price of oil and their mind numbing profits. As usual, this is how they explained it:

"The fundamental laws of supply and demand are at work," said John Hofmeister, chairman of Shell Oil Co., acknowledging it is something the oil industry has been saying for some time and that the explanation may sound "repetitive and uninteresting."

However, OPEC sees things differently:

However, Chakib Khelil, president of Opec, said he did not expect output to be increased, adding that “current prices are not based on supply and demand."

So the question then becomes who is telling the truth?