Posted on 09/30/2012 11:09:02 AM PDT by bananaman22
On June the 30th 2009 oil mysteriously jumped by more than $1.50 a barrel during the night, to reach its highest price in eight months, the kind of swing that is caused by a major geopolitical event.
The amazing, true cause of this price spike has now been released by a Financial Services Authority investigation (FSA).
Although not authorised to invest company cash in trades Steve Perkins, a long standing, senior broker at PVM Oil Futures, had managed to spend $520 million on oil futures contracts throughout the night.
On the morning of the 30th an admin clerk called Mr Perkins to ask why he had bought 7 million barrels of crude during the night. Mr Perkins had no recollection of the transactions, and it turned out that he had made the trades during a “drunken blackout.”
By the time PVM had realised the transactions had not been authorised by a client, they had incurred losses of $9,763,252. Full article at: Broker Sent Oil Prices to Eight Month High in a Drunken Stupor
According to crudeprimerate.com the oil price on Jan. 30, 2009 was $41.68.
“Oil was around 35.00 barrel when Obama Bush became President. Can anyone imagine oil going to 35.00 again.”
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