60 Minutes had a nice report last night looking into what fueled the high oil prices of 2008. Of course demand was at a high, but how much did speculation have to do with the prices? According to the report, even J.P. Morgan's chief global investment officer thought speculation was a driving cause behind the price spike. An e-mail went out to their clients saying "an enormous amount of speculation" ran up the price" and "140 dollars in July was ridiculous." The report on the web site looks into the ins and outs of why the U.S. went through such an oil price crisis last summer and includes a video. Lindsay Goodier, Online Editor, OilandGasInvestor.com
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