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The Price Of Oil

January 12, 2009 10:17 AM

Steve Kroft explains how it was financial speculation, and not supply and demand, that caused the historic spike in oil prices last year.

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by whs806 January 10, 2009 1:38 PM EST
What caused the high oil prices? Speculation in commodity contracts! Who legalized this speculation by banks, hedge funds, endowment funds, investment banks and individuals? Bill Clinton. He also mandated the high-risk home loans that ultimately sunk Fannie and Freddie and led to the $700 Billion Bailout. What a legacy!
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by whs806 January 10, 2009 1:34 PM EST
Any media company that believes oil is bad, coal is bad, nuclear is bad, wind and solar are bad, and supports the NIMBY Society (no energy in my back yard) is bound to put a huge spin on the story. They will ignore the fact that the government anti-energy policy for the last 30 years has resulted in us importing billions of OPEC oil that supports terroism.

So, don''t place much credibility on their story unless they come clean with the real issues.
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by jedmorey January 10, 2009 12:50 AM EST
Shortly after the initial meteoric rise of crude oil prices this summer an investigative piece was published nationally from the alternative press association and the Long Island Press. Very telling story about the people who manipulated the markets. A great companion piece to this broadcast.
http://www.longislandpress.com/articles/CoverStory/84/
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