Republicans say new study belies Obama claim US has 2 percent of world oil

[fskimospy]

Jeebus, there were droughts in countries producing such crops. I.e., supply problems.

Fern

lol. How about metals futures, many of those metals exhibit similar large increases at similar times. Did lack of rain dry up the world's platinum supply?

The amount invested in commodity index funds increased by 500% in about 3 years to almost a quarter trillion dollars. Amazingly enough, commodity prices increased big time during that time. It's not that speculation is somehow the ONLY cause of price increases (that really would make it magical!), but it plays a major part. Trying to argue it away as if these fluctuations are simple supply and demand is denying reality.