From Reuters: U.S. motorists searching for someone to blame for the
highest gasoline prices ever at this time of year have an easy target: hedge
funds who have been quietly amassing winning bets on hundreds of millions of
barrels of oil.
At a filling station in Midtown New York last week, several
people were prepared to blame traders on Wall Street as they paid more than $4
per gallon to fill up their cars. "It
really is not supply and demand. It's definitely speculation," said John
Keegan, an exterminator with pest control company Terminate Control, who was
filling up his van. A cab driver said he was convinced the price would be just
$1 a gallon if the government "stopped Wall Street trading oil."
....Stories about booming U.S. oil production help create
expectations among consumers for lower prices. But it remains a global market
and the United States is still reliant on around 8 million barrels of crude
imports every day….
Wait...wait...there's more at http://www.reuters.com/article/2013/02/12/us-oil-speculators-gasoline-idUSBRE91B1L520130212
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