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
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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- RE: [Pen-l] Peak oil, (continued)
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