There is now absolutely no question that crude prices are controlled by speculation. Crude oil futures have plummeted in direct correlation with the overall markets this week. Clearly demand for oil and gasoline haven’t dropped by 50% over the past 3 months, but the price of crude has.
This brings me back to my point that futures trading should be abolished. Futures trades have pushed the prices on essential commodities to levels that supply and demand most definitely do not warrant!
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