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girl gone mad

(20,634 posts)

28. "You can't speculate and drive the price of a commodity through the roof that's widely available"

Tue Jun 12, 2012, 12:10 AM

Jun 2012

This claim runs contrary to reality. Demand from China did not cause the rise in oil and demand destruction did not cause the collapse. It was speculation.

I witnessed traders participating in and manipulating these markets firsthand in 2007. Now the history has been written and there is no doubt that the spectacular rise in oil prices was driven largely by financial speculation.

http://www.nakedcapitalism.com/2011/02/krugman-commodity-prices-and-speculators.html

http://www.nakedcapitalism.com/2011/05/wikileaks-saudis-warned-about-oil-speculators-in-2007-and-2008.html

http://www.businessweek.com/lifestyle/content/apr2008/bw2008041_945564.htm

http://ftalphaville.ft.com/blog/2012/02/07/871351/collateralised-commodity-borrowing-bp-edition/

http://thinkprogress.org/report/koch-oil-speculation/

http://www.addictinginfo.org/2012/02/26/how-the-gas-prices-are-manipulated-by-the-koch-brothers-and-other-wall-street-players/

http://exiledonline.com/koch-industries-lackeys-admit-to-manipulating-oil-prices-and-gloat-about-it-too/

ETA: no... I don't have my dates wrong.

http://www.lmgtfy.com/?q=oil+contango+2007

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+1. HiPointDem Jun 2012 #29

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"You can't speculate and drive the price of a commodity through the roof that's widely available" girl gone mad Jun 2012 #28

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