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  1. #1
    Thailand Expat
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    WikiLeaks: Saudis often warned U.S. about oil speculators

    Saudis Told Bush Administration About Oil Speculation as Far Back as 2007

    When oil prices hit a record $147 a barrel in July 2008, the Bush administration leaned on Saudi Arabia to pump more crude in hopes that a flood of new crude would drive the price down. The Saudis complied, but not before warning that oil already was plentiful and that Wall Street speculation, not a shortage of oil, was driving up prices.

    The Saudis, have struck a steady theme for years that something should be done to curb the influence of banks and hedge funds that are speculating on the price of oil, according to diplomatic cables made available to McClatchy by the WikiLeaks website.

    The Saudi concerns about speculation have a particular sheen of credibility. Saudi Arabia is the world's largest exporter of oil, serving dozens of clients in addition to the United States. As such, it carefully tracks the trends that drive oil prices, which send it billions of additional dollars with every increase.

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  2. #2
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    A McClatchy investigation earlier this month showed the extent to which financial institutions now influence the price of oil. Until recently, end users of oil — such as airlines, refineries and other consumer of fuel — accounted for about 70 percent of oil trading as they tried to hedge against price fluctuations.

    Today, however, speculators who'll never take possession of a barrel of oil account for that 70 percent of oil futures trading, and the volume of speculative trading has grown fivefold.
    LOL [at] "but, but, but, it's the Federal Reserve."

  3. #3
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    Wikileaks reporting the hard hitting facts.. wait.. I thought we all pretty much knew that the price increase was due to the speculators?

  4. #4
    Neo
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    Commodity speculation raising prices on fuel and food is holding back economic recovery and hitting hardest those that can least afford it. It's blatent greed by the markets at a time when the markets are the obvious culprits of the economic downturn that we are already in. But what are the politicians doing to stop the speculators..? The whole system is corrupt, how can we truly expect a worldwide upturn in prosperity, when those responsible are still wringing every last drop of life out of the system?
    Life should not be a journey to the grave with the intention of arriving safely in a pretty and well preserved body, but rather to skid in broadside in a cloud of smoke, thoroughly used up, totally worn out, and loudly proclaiming "Wow! What a Ride!"

  5. #5
    I am in Jail

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    Quote Originally Posted by Neo
    But what are the politicians doing to stop the speculators..?
    Errrr....absolutely nothing, why should they their part and parcel the very problem!

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