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Did you read the link in post #19. There is too much hedge fund trading in the oil futures. People who probably don't want nor need the oil. Just playing the momentum game.

I have noticed the price of oil has dropped over the last 2 days as some hedge fund oil traders are stepping aside now perhaps because of the uproar. Who knows, we will see if anything is done.

From the foxnews article - Right now it costs exactly $3,375 for anyone to control 1000 barrels of crude oil valued at roughly $67,000. Three grand to control nearly seventy!

One last thing I have heard about U.S. refineries is they are working towards ALL of the refineries being able to refine sour crude which takes more refining to turn it into gas, etc. This will probably be completed within 2 - 3 years. The spot price we see quoted is for sweet crude {takes less refining to make gas} Sour crude sells for around $50.00 a barrel. The extra capacity from Saudi Arabia is sour crude. Venezuela also produces this type.

Go back and read that post or information on sweet and sour oil. It may have been mine. The US can refine 2/3 of their gasoline from sour oil. The world can only refine 30% of their gasoline from sour oil and require sweet oil. Sweet oil went in decline in 2004 so there is heavy demand and it is at its peak. It will continue to be in high demand.

The cry speculation is a political agenda and if a US politician thinks US futures traders can control the world market they are nuts. Many countries have tried to control futures and none successfully. In the 1400's during the Japanese rice famine the govt. accused the traders of futures speculation took control of the market and distribution and successfully starved 14 million people.