Oil Speculators

This article gives evidence that the price of oil was and is being bid up by speculators.  Is this just more political scapegoating?  I posted a few weeks ago Peter Schiff talking about oil being at all time lows when priced in gold.  Clearly this article does not account for the fact oil is traded/priced in the US dollar and the US dollar has lost value.  The article goes on to state 70% of trading in the futures market is by “speculators” or non-oil companies.  By this account, all market-makers are then speculators.  Regulating this group out of existence would not help the oil markets run efficiently.  In the end, “speculators” will be proven right or wrong by market fundamentals.  In other words, fundamentals rule!

-BRV

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