Oil Market Speculation Driving Prices?

Posted on January 12, 2009 by Vorys

Were speculators driving oil market prices last year?  Many believe so.  From CBS News (60 Minutes):  "So what happened? It's a complicated question, and there are lots of theories. But as correspondent Steve Kroft reports, many people believe it was a speculative bubble, not unlike the one that caused the housing crisis, and that it had more to do with traders and speculators on Wall Street than with oil company executives or sheiks in Saudi Arabia."  The report ends by noting that the Obama administration has promised to address the issue.

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