Quote:
Originally Posted by Michael_S
Please re-read the article. The ExxonMobil CEO said that oil prices are high because of speculation, not costs. It was President Bush and Energy Secretary Sam Bodman who lied, not the oil tycoons.
I'm sure the oil industry executives are quite happy with the situation. But they aren't the ones deceiving us right now.
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Well, personally I'm not 100% ready to go that far. I would personally like to know if Exxon/Mobile or another oil company is or isn't vested in the hedge funds that are bidding up those oil contracts. IMO one of the real problems here is that hedge funds are pretty much unregulated. Another problem is that the oil futures market is pretty much closed to outside observers. You can buy all the oil contracts you want but no one will tell you who else is buying those contracts.
But then that is just part of the problem. Another is the consolidation of refinery ownership. Another is our own government regulation (too much on one area, too little in another) Then of course there is greed. Don't get me wrong, greed isn't a totally bad thing when it comes to business but some people just want it all and don't care who they screw to get it.