I found a good article that explains the causes of the run-up of oil prices. It's not all about the big oil companies....

http://biz.yahoo.com/fool/060801/115443932701.html

 

Good reading. Wonder if the government and the IRS will step in and start taxing the speculators holdings if they don't sell within a certain date.

MikeyB

 

Somebody likes $70/barrel oil
http://abcnews.go.com/Business/story?id=2257924&page=1

 

are these the same articles with Allen Greenspan testifing before teh Senate that appeared in the Oil & Gas Journal a few weeks ago.

 

I dunno... it says it was written by Mike Norman. Just thought it was interesting reading.

 

That is along the lines of what Greenspan told the senate. unfortuneately, O&GJ online is subscription only and we usually have a few print copies floating around the office, I cant post their article. but really, it boils down to we have many more middle investors between the suppliers and the users. As long as they are distorting prices by buying futures and being willing to pay more than fair market value for it, the price is going to stay high. Since we (in the US) cant control other countries markets, then there is really nothing we can do about the price of oil traded elsewhere.

 

I read this same article on a website that allowed reader comments.
Couldn't believe how many people responded that the speculators main intent was to make Bush look bad with high gas prices.
Personally I think their main intent is to make money.

 

I agree with Bill. Business is about making money...

 

unless you have more money than brains.