By
The Associated Press
.
Published: Wed, September 10, 2008 - 9:33 am
Last Updated: Wed, September 10, 2008 - 9:45 am
WASHINGTON (AP) - An independent study of oil markets concludesthat speculation by large investors was a primary reason for the
surge in oil prices during the first half of the year and for the
more recent price declines.
It said investors poured $60 billion into oil futures markets
during the first six months of the year as oil prices soared from
$95 to $145 a barrel and since then have withdrawn $39 billion from
those same markets as prices have retreated.
Michael Masters of Masters Capital Management, which did the
study, said the flow of money - not major changes in supply and
demand - caused the volatile movement of oil prices. The report was
released Wednesday by Senate and House sponsors of bills to put
additional curbs on oil market speculation.
(Copyright 2008 by The Associated Press. All Rights Reserved.)
Where’d the Money Go? Shhhh, it’s a secret
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I hate most gov’t control, but something has got to happen if this is true. I am understanding this correctly? Most of use are suffering so others can become mega rich?