Major Conflict

Major Conflict: "Speculation by large investors — and not supply and demand for oil — were a primary reason for the surge in oil prices during the first half of the year and the more recent price declines, an independent study concluded Wednesday.

The report by Masters Capital Management said investors poured $60 billion into oil futures markets during the first five months of the year as oil prices soared from $95 a barrel in January to $145 a barrel by July.

Since then, these investors have withdrawn $39 billion from those markets as prices have retreated dramatically, the report said. Oil traded at about $102 a barrel Wednesday on the New York Mercantile Exchange."


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The Writers' Cafe

The Writers' Cafe: "personal belief is that there is no shortage of wealth in this nation, as well as in the world. Political theorists would have us believe that the economy of our country has taken a major downturn simply because perhaps a handful of the wealthiest have lost a few poorly placed bets"

Stephen C. Sanders
courtesy of:
http://thewriterscafe.org