The Oil Drum | Stories tagged with "Michael Masters"

Stories tagged with "Michael Masters"

CFTC Report on High Oil Prices - "Speculation My A$$"

Posted by Nate Hagens on July 23, 2008 - 12:00pm
Topic: Economics/Finance
Tags: cftc, commodities, george soros, michael masters, oil prices, original, speculation [list all tags]

With a pending Senate vote on the "Stop Excessive Energy Speculation Act", it seems that we (not the TOD 'we', but the collective society 'we') continue the ongoing witch hunt to pinpoint any 'explanation' for our high oil and gas prices that is not related to finite geologic flow limits or Malthusian themes (i.e. benign). Greedy oil companies, dastardly OPEC plots, and off-limits drilling of the Arctic National Wildlife Reserve and Outer Continental Shelf are among the reasons oft floated in the conventional media for why oil has risen in price over 10 fold in the last decade. Yesterday, a report from a credible institution was released detailing why at least one of the high oil price bogeymen, 'the speculators', are not to blame. In this report, the Commodity Futures Trading Commission (CFTC), threw cold water on the recent rhetoric in Congressional testimonies and television commentary that high oil prices are primarily caused by investment speculators.

Excerpt from Figure 1 from CFTC Interim Report on Crude Oil - Click to Enlarge

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