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Originally Posted by ngdawg
It was reported this morning that the government is looking into the possibility of falsely inflated oil prices. This morning's business report on WCBS Newsradio stated that speculators in the stock market have been controlling the rising cost of crude and if found to be so, charges could be filed.
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This is for the U.S. market. You know, where gasoline is cheaper than many other developed nations.
Interesting. It looks like they're setting themselves up for disappointment. Or, perhaps, they will just spin it. We'll have to wait and see. I think price manipulation would make up only a small fraction of the change in prices.
EDIT: World crude price increases have greatly outstripped the increases of the average price of U.S. gasoline. The two are connected somehow.
Some economists are foreseeing a doubling of gasoline prices by 2010. This can't all be due to price manipulation.