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Of Course Speculators Caused the Oil Prices Spike!

Posted July 1, 2008

“The arguments that have hoodwinked smart people into believing that oil prices are justified are so flawed, it makes me wonder what kind of mass hypnosis has come over us.” — Andrew Gordon

by Andrew Gordon

Baltimore – (TFN): It’s just plain wrong that oil speculators are having no effect or only a minor one on oil prices.

The arguments that have hoodwinked smart people into believing that oil prices are justified are so flawed, it makes me wonder what kind of mass hypnosis has come over us. The main argument I’ve heard time and again is (in its logical construct) very similar to this one…

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Suppose I’m fat, and I go to Mickie D’s every evening and eat five bacon double-cheeseburgers with five helpings of fries. My sister is also fat but she doesn’t eat fast food. So that’s proof that pigging out at Mickie D’s has nothing to do with my being fat. It must be another reason and the reason is obvious: my metabolism.

And so the argument goes with the oil market. It’s feeding on tens of billions of dollars pouring into the futures trading and getting fatter and fatter. For example, five years ago, the commodities futures trading market had $13 billion invested in it. Now it has $260 billion. Eighteen years ago, only 13 percent of open interest in oil futures was long (betting that oil prices would go up). Now, 58 percent is invested long. Read on to learn more.

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Posted by Andrew Gordon · Filed Under Oil and Energy 

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