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Originally Posted by jwkniska
I knew that the speculators were the ones driving up the price, but until I heard the numbers today on CNBC, had no idea that those crooked, unregulated hedge fund operators bought more oil than China.
I wish they'd ban those guys from being in any publicly traded investment at all.... they're in it to line their own pockets and have no regard for anyone that puts up their $$ to invest in the hedge funds.... and absolutely no regard for anyone investing lawfully at all (like all of us with any of our retirement accounts in mutual funds.... which I hope don't all get a FORTY PERCENT reduction, which will happen if Obama gets elected... he thinks that capital gains are only a tax on the rich, instead of the working class).
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Crude Light Sweet contracts are easy money for Money management firms to park their cash in at this time. The market as a whole has been flat. Crude Light Sweet is priced in dollars and the dollar is cheap these days. I think the shorts were squeezed out today which caused the spike. The July contract is at $134.66 as I type and this is not a good thing.
Horsemen are not the only ones who are feeling the effects of this surge in energy prices. I think we're in the midst of a rocky run. Do not look for politicians to correct the situation. They will only make matters worse.