Nice layout of the idiots in Washington grasping for excuses. Excuses for them having not done what we sent them up there to do or for having promised crap and we believed it!. – WD0AJG
from Gregor.us by Gregor Macdonald
Persistent strength in the price of oil has once again unleashed maximum nonsense about the influence of speculators. Yes, it’s painful that oil never returned to earth after its 2004 repricing. But, in the search for an explanation, substituting the arcane for the obvious will not help: speculators did not create 5-6 years of flat to falling global oil production. Furthermore, as oil made its way from below $25.00 to its new level at $100.00, more of the world’s cheap oil from old reservoirs was