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Reply #15: just a scapegoat [View All]

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ozymandius Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Aug-29-06 06:06 AM
Response to Reply #14
15. just a scapegoat
Iran and Ernesto (or the hurricane-du-jour) are scapegoats for rising energy prices. Anyone who knows anything about publicly traded commodities can see that investment banks like Goldman Sachs are primarily responsible for rising oil prices. Oil futures trading is a no-lose proposition. Investment banks either buy futures or oil on the current market and sell after holding the crude for awhile. The "crisis" factor of Iran ignoring another U.N. deadline is irrelevant to the actual price of oil.

Either when shots are fired across the Strait of Hormuz or oil is pulled off the market in protest of U.N. sanctions, then Iran's position is relevant to the price.
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