Speculators under fire on eve of Saudi oil summit

Sunday 22nd June, 05:19 AM JST

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10 Comments

some14some at 08:13 AM JST - 22nd June

Let them discuss, but i think FBI can solve this problem faster than OPEC or consumer countries.
rajakumar at 08:31 AM JST - 22nd June

I do not believe this, the world still does not who caused and what caused high energy prices. ****Nobody wants to tell, as it helps, rich deep pockets get richer. Why should they tell their secrets about how to make their pockets deep.

Money, money must be funny,in a rich man's world.****
presto345 at 12:44 PM JST - 22nd June

but U.S. Energy Secretary Samuel Bodman insisted there is no sign that “speculators” had pushed oil futures to record heights.

This guy is hiding something.

There is no evidence that we can find that speculators are driving futures prices.

Who is "we"?

There is a need for more transparency. The proposed working paper for action to “improve the transparency and regulation of financial markets through measures to capture more data on index fund activity and to examine cross exchange inter-actions in the crude market.” should be drafted. If Bodman is so sure of his and his cronies' evaluation, he shouldn't be afraid of, or opposing the motion. Could it be the big speculators are in the US? Extremely likely.
adaydream at 02:06 PM JST - 22nd June

I see from the time that Sauidi Arabia loads a shipment of oil at %50.00 a barrel. Then when it's dropped off at US refineries, it has automatically jumps to $140.00 a barrel. Elfin majic. < :-)
WilliB at 02:59 PM JST - 22nd June

The rampant wishful thinking around here is amazing. Don`t like the cost of something? Accuse speculators! Legislate! That recipe has been tried by Stalin, Pol Pot, Mugabe, Kim Yong Il, and Mao Zedong. Admire their economic success stories.

The simple concept of market prices (which reflect supply and demand as well as risk) -- note the possibility of military action in the Hormuz straights -- is clearly too complicated to grasp.

So much easier to call for a cangaroo court to discover a grand conspiracy. Honestly, one could not make up such lunacy.
Madverts at 06:33 PM JST - 22nd June

willib,

So what you're saying is pay for ridiculously priced oil and shut up or be a leftist/marxist retread?

No thanks. I've got a supercharged V8 to feed.
USNinJapan2 at 09:16 PM JST - 22nd June

Madverts

I've got a supercharged V8 to feed.

What's it in?
DXXJP at 10:38 PM JST - 22nd June

Here in Jeddah during the oil summit the participants from other nations stopped to fill up at 49 cents a gallon.
Sarge at 10:56 PM JST - 22nd June

"We will meet demand"

How gracious. I'm looking foward to the day when there won't be any demand for oil from the Middle East.
Madverts at 06:22 PM JST - 23rd June

USN,

Based on an LT1 Trans-am. :D

And I'll be damned if oil speculators are gonna spoil my fun!