Thread: Gasoline at $4 Coming to a Pump Near You, Unfazed by Rising Tab
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Old 01-28-2011, 09:36 PM   #2087
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Quote:
Originally Posted by 'Hamas' Jenkins View Post
That, and because the price was artificially inflated by speculations on oil as a physical commodity to the point where each barrel was traded an average of 30+ times.

Hell, it was going up in 2007-8 despite reduced demand and increased supply, solely due to speculators buying up the reserves.
I'd have to look, but I'm pretty sure that global demand was up in 2007. That being said, speculation definitely played a large role in the run to $147.
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