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Reply #14: Remember $4 Gasoline? Oil Speculators Are Back [View All]

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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-10-10 06:29 AM
Response to Reply #3
14. Remember $4 Gasoline? Oil Speculators Are Back
http://www.truth-out.org/remember-4-gasoline-oil-specul...

Despite weak demand in the U.S. and Europe, oil prices climbed this week to near $90 a barrel and gasoline prices have passed $3 a gallon on the West Coast and parts of the Northeast.

Why? If demand is down and supplies are plentiful and they are why would prices be going up?

Because Wall Street speculators are driving up oil and gasoline prices again just in time to dampen holiday cheer.

"It's all about investor optimism, and that's been the story about 2010 ... that's the primary reason why we're seeing oil prices at $90 (a barrel) and gasoline making an uncharacteristic climb in December towards $3 a gallon," said Troy Green, a national spokesman for the AAA Motor Club, which monitors gasoline prices...
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