misolarman

Watch for Yourself: 60 Minutes Oil Story Was Spot On

Speculation is based upon some market reasoning. It is not like the days of the tulip bulbs. If it weren't for three billion people throughout the world experiencing year after year of double digit standard of living increases (increasing their oil consumption in the process), and oil production being stagnant, then speculators would not have had the motivation to do what they did. It is because of them that our extremely inept and inefficient do nothing congress, got off their lazy rear ends and started moving towards opening up new areas for drilling. This had an immediate reaction taking wind out of the sales of the speculators. Combined with the economic downturn the oil speculators trade vanished. What I am afraid of is with prices down our congress will once again put their brain dead heads in the sand. Once this happens and the economy turns around, I will be one of those speculators. It is because of them that domestic production will eventually increase, saving us from an even larger catastropy.