Quote:
Originally Posted by lkm370
The price of crude oil today is not made according to any traditional relation of supply to demand. It’s controlled by an elaborate financial market system as well as by the four major Anglo-American oil companies. As much as 60% of today’s crude oil price is pure speculation driven by large trader banks and hedge funds. It has nothing to do with the convenient myths of Peak Oil. It has to do with control of oil and its price. How?
‘Perhaps 60% of today’s oil price is pure speculation’
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This oil isn't being held in a warehouse, and hedge funds aren't taking delivery on the contracts themselves. The oil is being consumed.
The market has set the price. If you don't like the price, don't use it.
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