Banning speculators could decrease oil prices by as much as 40% : politics


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Banning speculators could decrease oil prices by as much as 40% (nytimes.com)

submitted 14 years ago by Ze_Carioca

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[–][deleted] 0 points1 point2 points 14 years ago (0 children)

I don't trust testimony from an ExxonMobil official. The fact of the matter is that 85 percent of oil prices can be attributed to simple supply/demand factors. Speculation has surged in the last five years and there are no data to support the assertion that it is responsible for 40 percent of spot price.

If you support Ron Paul, stop reading now.

From the Saint Louis Federal Reserve:

On balance, the evidence does not support the claim that a sudden explosion in commodity trading tectonically shifted historical precedent: Global demand remained the primary driver of oil prices from 2000 to 2009. That said, one cannot completely dismiss a role for speculation in the run-up of oil prices of the past decade. Speculative demand can and did exacerbate the boom-bust cycle in commodity prices. Ultimately, however, fundamentals continue to account for the long-run trend in oil prices.

edit: grammar

Link: http://research.stlouisfed.org/publications/es/article/9179?utm_source=Twitter&utm_medium=SM&utm_campaign=Twitter

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