Les Wrote:
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> Another document, from Sept. 2, 2009, offers an
> eerily accurate prediction of today's high prices,
> made by Sadad al Husseini, Aramco's former
> executive vice president.
>
> "In his view, the bearish energy analysts arguing
> that the oil price shocks of last summer are not
> likely to be repeated anytime soon are making
> inaccurate assumptions," the cable said, warning
> that the former Aramco executive saw political
> uncertainty and a perception of tight supplies as
> fuel for speculators.
> The cable said that "al Husseini predicted that
> another oil price shock would likely hit sometime
> in the next year or two."
>
> A McClatchy investigation earlier this month
> showed the extent to which financial institutions
> now influence the price of oil. Until recently,
> end users of oil — such as airlines, refineries
> and other consumer of fuel — accounted for about
> 70 percent of oil trading as they tried to hedge
> against price fluctuations.
> Today, however, speculators who'll never take
> possession of a barrel of oil account for that 70
> percent of oil futures trading, and the volume of
> speculative trading has grown fivefold.
>
> Read more here:
>
http://www.mcclatchydc.com/2011/05/25/114759/wikil
> eaks-saudis-often-warned.html#storylink=cpy#storyl
> ink=cpy
The first place i would start is Goldman Sachs, that outfit is the poster child for darkside of capitalism......the fact that a lot of execs go work for Treasury at some point is not comforting.