"The price of oil is rigged," alleges author and former trader Raymond Learsy.
Prices for most other commodities have dropped and there's a bountiful supply, Learsy writes in an article for The Huffington Post. U.S. commercial crude inventories are near all-time highs, domestic oil production is about a million barrels a day higher than it was last year, weekly gasoline inventory is up substantially and Chinese demand is flat or down.
So why has the price of oil increased 9.5 percent in the last month? Because of manipulation by speculative traders, Learsy argues.
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7 comments:
Keep voting republican and giving these oil companies tax breaks
How is it rigged? Oil trades in USD. The supply of USD has risen over 70% since 2007. Between you and me, I'd rather have oil, than greenbacks. The manipulation starts at the central banks.
250-Compare oil/gas subsidies to "green alternative" subsidies. Sad fact is, those alternative energy subsidies are more than 1,000:1 on a per KiloWatt hour basis.
But the truth is, oil and gas run the world. Alternative energy "solutions" die without subsidies.
Made/still making so much money on these oil companies. Fracking and crude has sent my portfolio into overdrive.
How about becoming Energy Independent? Look at all the oil they found in UTAH!!!
no kidding. all this time I thot it was because of spills & the like.
GOP has nothing to do with rates. Feds take 30 cents(about) from every dollar paid for a gallon of gas. It's where they get their bucks. They don't want prices to fall. BTW when our last gop pres left office, gas was BELOW 2 dollars! Energy independence is being pushed before the world finds out about the global cooling trend! Yes, it's here, NOW!
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