Koowan's Comments
It is NOT about supply and demand, it is about market manipulation:
"As detailed in an earlier article, a conservative calculation is that at least 60% of today's $128 per barrel price of crude oil comes from unregulated futures speculation..."
See: http://www.marketoracle.co.uk/Article4793.html
Look at the numbers - demand is DOWN, supply is UP and prices are sky high? Get a clue people -- you are being conned.
"As detailed in an earlier article, a conservative calculation is that at least 60% of today's $128 per barrel price of crude oil comes from unregulated futures speculation..."
See: http://www.marketoracle.co.uk/Article4793.html
Look at the numbers - demand is DOWN, supply is UP and prices are sky high? Get a clue people -- you are being conned.
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Did you know that to buy oil futures you only have to put 6% down in real money? You just borrow the other 94%. Imagine what would happen if you went to a casino and could play on 94% borrowed money? Do you think the gambler would behave the same way if he had to put up 50% of his own money instead of 6%? If all we did was require the futures market to pony up 50% to buy a contract you would see far less wild speculation and prices would drop.
Stop being fools of this dumb "liberals vs. conservatives" game. Think for yourself. Ask yourself when you last saw this same thing hapen. Hint: what was Enron doing that got them in trouble?