Here are a few interesting pieces on the oil price issue.
First is this report that hedge funds and their ilk will have their oil positions publicly disclosed. That can’t be comfortable for the companies who gleefully forecast $300 a barrel oil a year ago.
A more recent story by Bloomberg ratchets up the government’s interest in intervention. Somewhere today, I suspect Dick Cheney’s head has exploded.
Next comes the revelation that supply is up and demand is down for gasoline, ironically just a couple of weeks after speculators pushed the price above $70, claiming just the opposite. Go figure.
Wednesday’s looking like a bad day for the supply and demand canard, eh? You’re going to have to excuse me, but when people opine that high oil prices are the direct result of plummeting supply and skyrocketing demand, my first move is to protect my wallet.