Tuesday, January 27, 2009
Response to 60 Minutes Hit Piece on Oil Speculation
We had to wait for the coronation coverage to die down before running this piece, which is a response to the 60 Minutes hit job on oil speculation. If you want to truly appreciate my talents as defense counsel, first watch the 60 Minutes segment below (it's not that long). Then read the IER piece for the rest of the story.
Comments:
Thanks for linking to your IER piece. Informative. "A NEW kind of investor"!!! That's right, until 2008 the only people trading oil futures were the oil companies, heating oil merchants and gas stations; then suddenly, out of nowhere, came these, these (splutter, splutter) damn SPECULATORS!!
Also, I'm no expert, but it seemed to me the report glossed over the relationship between the prices of FUTURES contracts and the actual price of gas at the pump, and left the unsophisticated viewer with the impression that the futures price and the price at the pump is the same.
By the way, would your analysis hold true also for the spike in other commodities last year, like food staples?
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Also, I'm no expert, but it seemed to me the report glossed over the relationship between the prices of FUTURES contracts and the actual price of gas at the pump, and left the unsophisticated viewer with the impression that the futures price and the price at the pump is the same.
By the way, would your analysis hold true also for the spike in other commodities last year, like food staples?
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: January 28, 2009 at 7:50 PM
: January 28, 2009 at 7:50 PM Subscribe to Post Comments [Atom]
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