Originally posted by: LegendKiller
Originally posted by: charrison
Originally posted by: SSSnail
60 Minutes segment on oil and speculations.
I just can't imagine the day we'll have governmental oversight over commodities (again). Free market? Yeah, right...
Edit: Oh, and you "supply and demand" guys? Go douse yourselves in oil and smoke a cigarette.
Well why on earth did the speculators allow oil to go all the way down $40 a barrel. Did they get tired of raping us?
The reality is there was speculation in the oil market, but they were only able to drive prices up because supply was so tight. Prices went up, more supply came online, demand dropped and prices plummeted. It really is that simple.
They had to stop because the massive redemptions in the hedge fund industry, not to mention they just couldn't keep the scheme going in light of the failing economy.
As with the housing scheme, once the music stopped, they knew they would be left without a chair, so they all left the market.
Now there are many without a chair, so they're storing oil in massive tankers, praying it'll go up enough so they don't lose all of their money.
It was all a big fucking joke.
As evidenced by this...
http://www.washingtonpost.com/...R2008082003898_pf.html