Oil was at 147 and the Bush administration and whoever else announced they will investigate manipulation in the oil futures market. the day that came out,oil dropped like a rock., i am so surprised most have'nt mentioned that./ of course that is not the only reason that oil fell but thats what got the ball rolling down hill. i remember,i wrote myself a note because i am an organized kind of guy.
Uhm no. Positions were highly leveraged and had to be dumped. That first sell-off from 150 was Goldman scrambling to raise cash.
Nawww, It was Schumer. He told the oil speculators "If you want something to pump, pump this" Then he grabbed his crotch. People were downright disgusted.
Hmm...so oil has cratered by 70% off the high. How much has the dollar rallied again? Didn't realize that correlation and cause/effect were the same thing.
It is now history, but it all started with Semgroup in July, 2008. http://online.wsj.com/article/SB121685645708379013.html?mod=hpp_us_whats_news It is funny how history is often rewritten, much as the bankers are trying to rewrite history about the financial crisis now: http://blogs.reuters.com/great-debate/2008/12/05/banking-spins-destruction-myth-hoocoodanode/
They both don't know what they are talking about. You can backtrack and see that the first sharp sell-off happened as Goldman ran into real liquidity concerns. They had one of the biggest long positions on oil. Many other institutions were in the same boat. Poster above me has a good example.
yo, i said it started when Bush decalred war on speculators and the futures markets. did'nt say that was the whole reason. i don't care what anyone says,oil started its decline when bush announced he will investigate speculation in the oil futures market.