there is lots of oil and lots of speculation, the biggest contributor to the
rising price of is the possible closure of the Hormuz straits and the potential
bombing of Iran nuclear facilities.
http://www.iht.com/articles/2008/01/04/opinion/edpfaff.php
http://www.iht.com/articles/2008/01/04/opinion/edpfaff.php
Pfaff: Paying for virtual oil
By William Pfaff
Friday, January 4, 2008
The oil exchange was transformed from a real business that bought and sold oil
to be delivered to refineries and put to use in the world economy, into a
gambling house in which a barrel of oil was no more or less than a casino chip.
Each of these incidents or rumors drove up the price of a commodity currently
in oversupply. Nothing had happened to affect the actual oil, which at that
very moment was on ships moving toward the ports where they regularly deliver
their oil.
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