Raw Story – One of the most inexplicable economic events of the past year involved the doubling of the price of oil last spring and summer from $69 a barrel to nearly $150 — driving gasoline and heating oil costs through the roof — followed by its even more rapid collapse this fall to under $50
60 Minutes looked into various theories of what happened and concluded that “many people believe it was a speculative bubble .. and that it had more to do with traders and speculators on Wall Street than with oil company executives or sheiks in Saudi Arabia.”
Oil is traded on the commodities futures market, whose original purpose was to enable farmers and manufacturers to stabilize their expenses and receipts. But in 2007, those markets began to behave erratically.
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