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The Real Reason Oil Prices Are So High

Posted July 9, 2008

“Unfortunately, one of the biggest ‘culprits’ garnering much of the blame has been the oil speculators. Congress has decided to make them the scapegoat for our energy concerns, and unfortunately many under-educated members of the public are beginning to lap it up.” — Byron King

by Byron King

Baltimore – (TFN): With oil prices doubling in the past year, there are more fingers being pointed than solutions being offered. Unfortunately, one of the biggest “culprits” garnering much of the blame has been the oil speculators. Congress has decided to make them the scapegoat for our energy concerns, and unfortunately many under-educated members of the public are beginning to lap it up.

Speculators are speculating because there is something about which to speculate. (Let me thank my sixth-grade English instructor for teaching me how to compose that sentence.)

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Remember when oil ran up back in 1979 and 1980, when the entire Iranian oil industry collapsed in the wake of Ayatollah Khomeini’s Islamic Revolution? About five million barrels of Iran’s oil per day simply left the world marketplace. It was gone — poof! Not there. No tankers. Read on to learn what’s really causing oil prices to soar.

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Posted by Byron King · Filed Under Oil and Energy 

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