Thread: ‘Perhaps 60% of today’s oil price is pure speculation’
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Old Wednesday, May 14th, 2008
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Default ‘Perhaps 60% of today’s oil price is pure speculation’
Very interesting information which was news to me:

Quote:
Speculators knock OPEC off oil-price perch
By F William Engdahl

The price of crude oil today is not made according to any traditional relation of supply to demand. It is controlled by an elaborate financial market system as well as by the four major Anglo-American oil companies. As much as 60% of today's crude oil price is pure speculation driven by large trader banks and hedge funds. It has nothing to do with the convenient myths of Peak Oil. It has to do with control of oil and its price. How?

...continued
Asia Times Online :: Asian news and current affairs
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‘Perhaps 60% of today’s oil price is pure speculation’
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