- Joined
- Oct 17, 2009
- Messages
- 3,928
- Reaction score
- 1,559
- Gender
- Male
- Political Leaning
- Libertarian
Speculators are not interested in long term anything, they can't take delivery on any oil and it costs them to hold those tankers out in the bay. All Obama is doing is calling their bluff and taking the wind out of their greedy sails. Bush had the Saudi's increasing production before his re-election bid which did the same thing. I doubt they will do the same for Obama after he got Bin Laden out of his cushy digs.
Apparently you have no clue who oil speculators set the price of oil. It is ALL based on future supply. If they think in the future there will be more oil, then oil now is worth less. If they think in the future less oil will be available, it sends up the price now.
To say they don't care about long term anything is really quite ignorant.