Reuters reports that crude oil hit an all-time peak over $102 a barrel Thursday, nearly doubling prices from a year ago amid a surge in speculative investment.

The president remarked “That creates a lot of uncertainty,” Bush said. “If you’re out there wondering what your life is going to be like and you’re looking at $4 a gallon, that’s uncertain.”

The grim outlook for pump prices comes even as weakening U.S. fuel consumption and robust domestic production boosts gasoline inventories to their highest levels since 1994, when a gallon went for less than a dollar.

“Right now, it’s not about gasoline supplies, because gasoline supplies are high. It’s all about the oil,” said Phil Flynn, an analyst at Alaron Tra

$$$

Well, if it’s not gasoline supplies, it’s oil. If it’s not about oil, then it’s about supplies. When are we going to wake up and figure out it’s about greed. Legitimate supply and demand has given way to speculation, greed and manipulation. The oil futures traders have now completely taken over the oil and gasoline pricing mechanism. No doubt in my mind that they are in some kind of conspiracy with the oil companies.

Fear – One day it’s terrorism,the next it’s hurricanes. Anything to keep driving the prices higher.

Uncertainty – China is the big user one week, the next week it’s not so bad. How can demand forecasts change so frequently with the scale we are dealing with here?

Doubt – The next event is right around the corner, so the traders say, we just don’t know what’s going to happen.

Comments are closed.