Volatile Swings for Price of Oil Hobble IndustrySome like to blame Goldman Sachs. (I am not a fan, but the Rolling Stone article reaks of Protocols paranoia.) Dumber people still believe in peak oil. The reality is nothing more than speculation, and a bunch of dumbasses are about to get burned.
The extreme volatility that has gripped oil markets for the last 18 months has shown no signs of slowing down, with oil prices more than doubling since the beginning of the year despite an exceptionally weak economy.
Hey, don't get wrong. From a selfish "I wish my house could appreciate like crazy" standpoint, high oil prices are great. But the facts are we are awash in crude stockpiles that are still building.