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http://www.theglobeandmail.com/servlet/story/RTGAM.20080617.WBmarkets20080617142109/WBStory/WBmarkets

Oil ministers from Saudi Arabia and Iran have recently voiced concerns about oil, remarking that its price is not based on fundamentals and that the world is well supplied. On Tuesday, Kuwait joined the chorus. According to a report from Bloomberg News, the country's finance minister, Mustafa Al-Shimali, said that a reasonable price for oil would be “more or less $100 (U.S.)” a barrel.

This concern with prices is likely not related to overflowing coffers and bloated soverign wealth funds, but could have to do with concerns that high oil prices are beginning to hit economic growth and demand. Maybe the oil ministers have been reading reports that General Motors Corp. is retreating from pickup trucks and making a splash with the Chevy Volt electric car - frightening developments for an oil exporter
 

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I have heard this recently as well... That OPEC is freaking out because we are freaking out.


Think about it--they don't want these price spikes either. They want the price to go up, for sure... but a bit at a time, so they can chip at us and siphon a bit more money each year...

These kinds of price spikes make us hate oil and look for alternatives... hence the reason we are on this forum to begin with.

Funny thing is, no one really "knows" why the price of oil spiked as much as it has...
 

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Funny thing is, no one really "knows" why the price of oil spiked as much as it has...
SPECULATION - SPECULATION - SPECULATION

That's why. A simple change in the laws to make it illegal for individuals or funds to speculate on the oil commodity market unless they both have the ability and desire to actually take delivery of the product and use it would solve this investment bubble over night. What we see in Oil this year is so similar to what we saw in the housing market since 2001, and the dot com bubble in the late 90's and... I could go on, but the difference is that oil is a strategic commodity and currently there is no viable alternaive to using it to power our transportation fleet. Soon there may be with the Volt and others, but today there is not. The Government needs to recognize this simple fact and do what is necessary to burst the bubble. And they need to do it sooner not later.
 

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SPECULATION - SPECULATION - SPECULATION

That's why. A simple change in the laws to make it illegal for individuals or funds to speculate on the oil commodity market unless they both have the ability and desire to actually take delivery of the product and use it would solve this investment bubble over night. What we see in Oil this year is so similar to what we saw in the housing market since 2001, and the dot com bubble in the late 90's and... I could go on, but the difference is that oil is a strategic commodity and currently there is no viable alternaive to using it to power our transportation fleet. Soon there may be with the Volt and others, but today there is not. The Government needs to recognize this simple fact and do what is necessary to burst the bubble. And they need to do it sooner not later.

Agree 100%. There should be no speculation on ANY product we simply must have for survival, economic or otherwise. Let's start with oil, and then move swiftly to do the same with corn.
 

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pennor1 and mwalsh should stop being on a witchhunt for SPECULATION. Speculation what make the market goes around, ups and downs. Sure it drive me crazy, but that life. If we don't have that, life will be flat and bored. If there is no speculation in oil, Do you really believe that oil will come down? I don't think so. It may give a 6 month cheap oil then back up where it was and continue to go higher.

Now mwalsh is getting ahead of it, startting a witchhunt in the corn market. I'll better get into solar market before the speculation getting into solar market.
 
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