January 15, 2009

60 Minutes piece on how speculation drove up oil

I'm sure everyone fondly remembers the days of $140 barrels of oil. A while back I wrote about Why does oil cost so much? At the time I discussed how I thought that political turmoil, low dollar and speculation were the causes of the drastic increase in the price of oil last year. Well 60 Minutes has a piece discussing the role that speculation played in increasing oils prices.

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