India took action because the alternative is riots in the streets, followed by uncontrollable massive public actions and resultant slaughters by troops trying to reeestablish control. Tienenmen Square in China had the same, even under a communist system, the natural reation publically occurred. The Bolsheviks either lost or came to power, I forget, because of massive public outrage. Our system is based on more (supposedly and on the surface) rationale thought, debate and public consensus and through relatively passive election and electoral processes. The net result is a change, a change in those in control and those overseeing things and those enforcing regulations already in place. Change is always good, however, what India did was take action. Action is just what these lame conservatives refuse to take and as of today, Wed, May 21st, we have public traded WTI (west texas intermediate) oil peaking above $133 bbl/US. Change,,,,, Action,,,,, Price control,,,, or the logical opposite, just look at the previously mentioned examples......
good question, manipulation rarely ever uses just one hand to work through, sophisticated game they're playing,,,, must have Executive level power brokers in very high places supporting their actions (read: Oil Administration, not necessarily the same thing as the Bush II Administration, but who cares anymore)
A good read for all those interested. This sheds further light on the subject, especially with regards to the effects of speculators via the 'swaps loophole'. Congressional testimony of Michael W. Masters Portfolio Manager Masters Capital Management, LLC Committee on Homeland Security and Governmental Affairs United States Senate May 20, 2008 http://hsgac.senate.gov/public/_files/052008Masters.pdf
Yes, Mr. Masters offers $265 BILLION reasons as to why speculation has fueled part of the price rise in crude oil. An interesting read.