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RE: Market Speculators & Real Cost of Oil

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Charles Randall

Here is very good article that shows at least one politician gets the true cause of high oil & gas prices – Wall Street Speculators. Although I don’t agree with lot of his other positions – he has firm grasp on this one and if US doesn’t follow thru and use the Reform tools now in place……then we deserve the problems Speculating has caused.
Using the current $100+ oil & +$4-5/gal gas spikes as backdrop against fundamentals that show prices should be $20/bbl lower and that there isn’t any facts or fundamentals driving these prices! It’s just pure hedge fund greed speculating at expense of average Americans expense (as if they aren’t bloated enough off destruction of IRA/401K’s from financial speculating).
If you work for oil company then they are also partly to blame – their trading groups could kill this type speculating quickly because they have control of physical barrels in market & the actual buying. But like most oil & crude traders they think they can game the system and are just going along with the hedge fund speculators. A situation like Japan’s Crisis or US reversal of recovery due high oil prices might take all of them (along with all of us) down the tubes as it has always done in the past.
The hedge fund speculators & short-term / high-frequency traders out number real physical oil traders by 4 to 1, and until we force them on the sidelines they will destroy one business sector after another in the US…..its all connected.
Any Republican or Democrat stopping immediate implementation of reform & protection against these speculators needs to be thrown out 2012 along with all the others already on disposal list Americans are quickly forming. I suggest both Republican Weeper of House & Wisconsin Governor join list of remaining Liberal Democrats for ousting.

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