icandoitdon

Oil: A Slippery Slope Ahead?

"More than 500 energy focused hedge and private equity funds bought oil. At the peak, there was between $150 billion and $250 billion of speculative capital running up oil prices. They didn’t want or need oil. They just wanted to buy it and sell it at a higher price."

i have to chuckle at the "wisedom" that surfaces courtesy of hindsight. prior to the collapse in oil prices...just months ago but how long it seems...i argued in blog after blog that underlying demand could not possibly be responsible for a tripling of oil prices in so short period. but there they were...the true believers....dumb asses arguing that because spot prices supported $140 oil, speculation couldn't possibly be a factor in the bubble. utter idiots. the kool aid drinkers know who they are.