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trying to say excess speculation hasn't been a factor. BULL! (but not all the financial community has been saying that. Some have said they think speculation has driven up the prices about 30% higher than they would have been. Well, in what, 4 weeks oil has dropped 20%. That kind of quick movement is a sure sign of excess trading by speculators - individuals just trying to make money on price movements.) Hedging to save yourself some grief is another thing entirely. These guys are just gambling with energy futures to make money in the markets and they are screwing with our whole damn economy. WHen oil shoots up it drives up all the other commodities (like grains) because they are affected by the price of oil.
This is not to say that the upward trend of oil is not very much here to stay, but it's this exaggeration of this trend and price spikes (that could be greatly reduced by just increasing the margin required to buy oil futures) that is so costly to everybody.
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