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“Speculation does not determine prices; it has to accept the prices that are determined in the market. Its efforts are directed to correctly estimating future price situations, and to acting accordingly. The influence of speculation cannot alter the average level of prices over a given period; what it can do is to diminish the gap between the highest and lowest prices. Price fluctuations are reduced by speculation, not aggravated, as the popular legend has it,” “The Theory of Money and Credit” by Ludwig Von Mises When the Arabs are hauled into court maybe the Chinese will be too. Send a summons by diplomatic pouch or have the Ambassador throw a citizen's arrest on the oil ministers. That and beating up on speculators ought to bring prices down.

You are delusional!!!

First, there isn't going to be any court in the world that would here a case against China that was based on their using too much oil.

Second, there is no charge that can be made against the Arabs for not "opening the spigots". Remember, the Kyoto Protocol calls for the world to reduce its consumption of greenhouse gases to 5% below 1990 levels. The Arabs are merely helping the world meet the the Kyoto Protocol...and no court in the world would convict them for doing so.

Third, here is a link to the Dept of Energy's inventory figures (released today). Please note that if you scroll down you will see that the crude oil inventory a year ago was 349.5 million barrels...the crude oil inventory today is 302.5. That represents a 14% inventory reduction in one year. Based on that, I would say specuilators are justified in bidding up oil prices.

http://www.eia.doe.gov/pub/oil_gas/petroleum/data_publications/weekly_petroleum_status_report/current/txt/table1.txt

I think count-your-change was being sarcastic. At lest I hope he was.

“You are delusional!!!”
I assumed most posters would recognize the sarcasm but I guess I over estimated your ability. Mea culpa.
“Summons by diplomatic pouch”, “citizen's arrest”, get it?