Have you seen the price on oil lately? Oil has spiked in the last 3 weeks. Some market watchers are saying it may hit $130 a barrel. What is the basis for this spike in oil? Personally I see this as another Wall Street created bubble. Hedge fund managers are pushing the futures up in order to get rich quick, much like the financial derivatives markets in 2008.
Exxon/Mobil executive has said that all the markets have a large amount of oil supply. As we know markets are driven by supply and demand. When supply is high prices go down and as supply is low prices increase. Exxon/Mobil ceased lifting Libyan crude, but easily replaced that quota.
So what’s causing this spike? The Wall Street speculators are pushing this agenda, creating a short term oil bubble to get rich quick. Realistically this is the only reason.
Jim Cramer from CNBC says “the sellers are dumping oil into the futures market because of the moronic speculations done by the hedge fund managers that have nothing to do with oil…”
So once again, Wall Street is stealing from middle class families and small businesses and transferring wealth from the rest of us into their greedy little pockets.
Where are the Tea Party Rallies screaming about this…out in Wisconsin protesting teachers and janitors. Just the way Wall Street likes it. Pay no attention to the man behind the curtain.