Skyhigh Oil: We have been Screwed !
September 11, 2008 12:19 pm
I have written on this topic several times before, but I would like you to take extra care and really absorb this today as I can’t help to feel that between the energy fiasco and Fannie/Freddie, we have been screwed. Later this week we will find out just how bad as the Commodity Futures Trading Commission (CTFC) will be releasing a report on oil market speculation.
If you have been a regular reader of MSN TopStocks over the past several months, I have been talking, writing, yelling and ranting about the obvious and rather incredible speculation that has occurred within the energy futures markets. It is remarkable how during that time, there has been a never ending stream of naysayers who have been confident that supply and demand is the only rationale for the parabolic rise of crude oil.
Now mind you, this comes from some pretty smart people who have been certain that in the short span of only a few months the world’s supply was being outstripped due to the massive industrialized growth within China and India. Then, just as fast, that all changed because (as the tale goes) the price escalation actually dampened global consumption. Come on fellas, do we really look that stupid?
Read the full article HERE