I cannot believe the new CFTC is actually trying to make ppl believe this crap. NYMEX as the sole fuel for crude price explosion. UNG and USO as monsters that beat the shit out of world consumers. LOL Look at the clean, logarithmic scale data 1990 - 2009. Says everything. 2008 prices were >90% in line with supply/demand.
I agree. It's pretty easy to just blame "the evil speculators" when you're a politician. They always have their boogey man to point fingers at........ big oil, big tobacco, big pharma, health insurers, speculators
well the speculators DID cause the bubble.. they just blaming the wrong speculators, remember GS talking oil $200 at the top?
GS played that like a fiddle. They (GS) rarely make a "pie in the sky" comment like that, as they're worried about tarnishing their reputation (reference the replacing of bull-dike AJCohen) with bad calls. That was a huge bluff to eek out an extra $10-$15 bucks to the upside to 1)crush the Oklahoma based energy firm that had built a very large net short position near the crude top, 2)initiate their own massive short position at an improved price point, while keeping intentions well masked. The same stuff happens everyday in the NYMEX pits. Just a well-orchestrated bluff to goose the buyers into the market while GS aspires to be the biggest seller because they know the market has no more legs. Well played, if you ask me.