When Bush invaded
But in the last few months the price has more than doubled to about $135. It is difficult to explain a $70 jump in price in terms other than speculation.
In my opinion, the two biggest factors in oil’s high price are the weakness in the US dollar’s exchange value and the liquidity that the Federal Reserve is pumping out. In an effort to forestall a serious recession and further crises in derivative instruments, the Federal Reserve is pouring out liquidity that is financing speculation in oil futures contracts.
Saudi Oil Minister Ali al-Naimi recently stated, “There is no justification for the current rise in prices.” What the minister means is that there are no shortages or supply disruptions. He means no real reasons as distinct from speculative or psychological reasons.
The prospect of an Israeli/US attack on
[Excerpt of an article by Paul Craig Roberts, a former Assistant Secretary of the