WoodyNH, I agree with most of what you said… but keep in mind that Wall Street is betting that demand will outstrip supply… they see that the oil companies have cut production and they are expecting that demand will increase. If this occurs then there will be a shortage which will lead to higher prices.
The answer is to go back to regulation. If the Government required a certain amount of inventory on hand at all times, the speculators would have nothing to speculate on. This process worked for more than fifty years…
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