Thomas J. Gordon

What Really Caused Oil to Boom?

I am a free market person. When oil was soaring I read a lot of stuff that said all oil only sits in specific known locations and speculators cant buy it and store it. I read stuff that said the excess money supply was funneling very specifically into oil which I find perplexing. Everyone said a new middle class in China and India was starting to use oil like the Europe/US consumers. Why aren't those China/Indian middle classers driving the price up now? For oil to go from$147 to where it is now I can only say "bubble". And "bubble"'s are caused by overzelous speculators. So even though I'm a free market person I think oil was driven up to an irrational high by speculators.