Sunday, June 3, 2012

Who's responsible for the oil price decline?

The price of oil has been going down of late and it got me thinking - who's responsible for this?  Then I remembered that according to the media, it is the Wall Street Speculators who set oil prices.  So I just wanted to say a big thank you to them.  Thanks for getting the oil price lower just in time for summer road trips.

Turns out that the Grumpy Economist also had the same feelings of gratitude.

For a more complete discussion of the role of speculators, see here.

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