Now I could be wrong. But if this is how I see it, Im pissed off as hell. This has been getting talked about lately. All the speculators who invested in crude were about to lose their ass with the recent drop in oil prices. Consumption has been down across the board. THERE IS NO DEMAND TO WARRANT THIS! This is simply speculators artificialy increasing the price so they can then sell off. But we as tax payers and consumers get to flip the bill.
Sure am glad I needed to refuel my truck this morning. Only cost me $890. Next filling come Thursday will probably be more around $1100.
SAN FRANCISCO (MarketWatch) -- Crude futures leaped as much as $25 per barrel, or 24.3%, shortly before the New York close Monday, to tap a high of $130 per barrel. They're poised to score their biggest daily gain since 1984 -- when crude began trading on the New York Mercantile Exchange. October crude was last up $19, or 18.2%, at $123.55 per barrel on Globex
