You can believe anything you want, you can make any statement you want of your belief. But making quotes up and attributing them to a news article is LYING.
To answer your question of where speculators are from? I don't know where all of them are from. I'm sure there are speculators in the U.S. One of the largest exchanges for oil futures is in London (the International Petroleum Exchange) Granted this exchange was bought out by an American company a few years ago. (Full disclosure). But the exchange is still based in London.
Personally, I don't like how liberal the rules are for exchange, people\companies can buy oil futures with little if any money down and can make huge fortunes by betting on oil prices going up. I wish that futures wouldn't be allowed, or at the least, the margin requirements of buying a future were increased (ie. you need to put a huge chunk of money down in order to place the bet).
However, the issue is you made up a quote. That is lying. In my opinion that is not a personal attack. I am pointing out what you did.
It's funny your response back didn't comment of how you were called out for making things up.
Let me guess, the error was Bush's fault.
First of all, the quote is MINE. I did not source the quote to anyone but myself. I made a statement myself after reading this:
Addressing the International Energy Forum of major oil producers and consumers here, Saudi Oil Minister Ali al-Naimi said growing interest in energy commodities as an asset class had increased market speculation, which was based on guesswork that oil supply would be constrained in the future. He blamed speculators' focus on oil futures, without taking delivery of physical oil, for causing volatile price distortions.
The article I listed was talking about the increase in production in order to BRING DOWN the price of oil that the ministers blame squarely on SPECULATORS. From THAT article the ministers say this:
"We are not happy with prices at this level because there will be destruction as far as demand is concerned," OPEC Secretary General Abdullah al-Badri told an energy conference.
"We're working hard to bring down the price. We're not comfortable."
I am free to express my positions in a quote in order to make a point, and that point has been made. There are two markets to blame for the high prices, first the BRENT CRUDE index and the NYMEX.
Both are run by speculators who run up the price of oil on "guesses", not science.
The NYMEX (american) is largely responsible for the largest increase in oil prices per barrel. NYMEX is the index that the OPEC nations have a problem with. They have said since January, that the NYMEX speculators are running the price of oil WAY TOO HIGH and that the OPEC nations are comfortable with 70/75 a barrel ranges.
If you read what I have now posted as references, you should be able to see why I quoted like I did.
As for the billion instead of million, how many times do I have to say this, I CANT EDIT MY POSTS. So when I make a typo, it sticks. I cant go back and change it.
Peace
TOS
