In recent weeks, CFTC Chairman Gary Gensler said that 80 percent of the oil futures market is held by speculators, squeezing out bona-fide hedgers such as farmers and airlines. Just a decade ago, speculators controlled 37 percent of the oil futures market. Goldman Sachs has estimated that for every million barrels of oil held by speculators, the price of a barrel of oil goes up 8 to 10 cents. And last month, when oil was trading at just under $100 per barrel, the CEO of Exxon Mobil said when questioned by Cantwell that oil should cost between $60 and $70 per barrel if the price were based on supply and demand fundamentals. The last time crude prices were stable in the $60-$70 range was between June and August of 2009 and the national average price of regular gasoline was $2.50 to $2.70, according to the Energy Information Administration.

It gets better.......they will be contributing to campaign funds. Democrat? Republican? Independant? Gee, who knows.

All of the above .. .. .

Yup the ultra rich just keep squeezing and aquiring at rock bottom prices.

Oil climbs above $96 per barrel

Oil rises as analysts forecast tighter supplies in 2012; gas pump price down slightly




Chris Kahn, AP Energy Writer, On Tuesday July 5, 2011, 11:09 am

NEW YORK (AP) -- Oil is climbing as analysts ratchet up price forecasts for next year as supplies get tighter.

Benchmark West Texas Intermediate crude on Tuesday rose $1.27 at $96.21 per barrel on the New York Mercantile Exchange. In London, Brent crude added $1.59 at $112.98 per barrel on the ICE Futures exchange.

Prices have recovered from a late-June tumble when the U.S. and other members of the International Energy Agency announced they will release 60 million barrels of oil into the market. Analysts say the move by IEA shows that non-OPEC nations are worried that Saudi Arabia will have trouble keeping up with growing world demand.

Barclays Capital increased its forecast for Brent crude by $10 to $115 per barrel in 2012.

Meanwhile, U.S. retail gasoline prices hit $3.562 per gallon.



and here we go again speculators driving the price back up

Growing demand? Last I heard we are at about 2008 levels of oil consumption. It's becoming glaringly obvious the have's are making the have not's pay through thier anus .

gas maybe $9.70 in england but england is only 2/3 the size of washington cutting way back on driving

http://www.msnbc.msn.com/id/43575197/ns/politics-white_house/



I wonder if it's a knee jerk reaction to this, Fuk with us and we will bring this country to it's knees, and they can do it.