‘Perhaps 60% of today’s oil price is pure speculation’

[Errigal]

Very interesting information which was news to me:

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?

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

[Kernunnos]

Originally Posted by Errigal

Very interesting information which was news to me:

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

Goldman and Sachs outlook officially "predicts" the surpass of the 200 dollars per barrel threshold.

many experts are advising their customers to invest their savings in the oil price market, and by betting on oil price rise.

They are just saying it openly, the shit they have packaged into subprimes now has burst, time to shrink as lemon common people with gas prices.

Apart from a revolution (ah ah ) nothing can save us.

[Errigal]

Originally Posted by Kernunnos

Goldman and Sachs outlook officially "predicts" the surpass of the 200 dollars per barrel threshold.

many experts are advising their customers to invest their savings in the oil price market, and by betting on oil price rise.

They are just saying it openly, the shit they have packaged into subprimes now has burst, time to shrink as lemon common people with gas prices.

Apart from a revolution (ah ah ) nothing can save us.

Yes, along with the attack on the Icelandic currency and banking system, the obscene profit-taking through oil speculation reminds me of a criminal trying to hide fraud by stealing from a new victim. Like a bank employee who must rob Peter to pay Paul, the New York and London speculators appear to be robbing the rest of us in order to keep their rotten structure standing for another few months.