Oil Speculation = Evil Empire
May 20th, 2008 by gmoran
Interesting Oil Contortions! Each of the talking oil heads that CNBC brings on has quite a repertoire of comments, not that these people are all the bad guys. But what it seems to boil down to is that few want to come clean and say for the record that Speculation is the primary cause for this new “Evil Empire”. We’ve gone through the litany fundamentals from the world’s hundred-fold increase in consumption in about 2 years to max-out refinery capacity to “Hugo Chavez is having a bad hair day”! The Saudi’s have increased production after Bush begs for the 2nd time and oil was up almost $2 a barrel yesterday morning. What will it be at the end of today? Is the pin ready to burst the balloon? I know, let’s ask Boone Pickens. He has our best interests at heart.