“so now the subprime mess is causing high oil prices, just when i think i have heard all the excuses. “
No excuse, just a fact.
The mortgage crisis caused the fed to devalue the currency. If a dollar is worth less, imported goods, (oil), cost more.
With something as big as oil, there is no single cause to price spikes. Short supply, commodities traders, price fixing, weak currency, high demand, instability in supplier nations, inefficient use are all factors.
I totally agree. Many variables came together which resulted in oil where it is. Looking to blame just one single thing (speculators) is flawed in its tunnel vision. And correcting one single thing (drill here, drill now) is equally flawed in it’s tunnel vision.