" Our study concludes that the existing evidence is not supportive of an important role of speculation in driving the spot price of oil after 2003. Instead, there is strong evidence that the spot and futures prices responded to the same economic fundamentals.....Structural economic models of oil markets that nest alternative explanations of the evolution of the real price of oil (including speculative demand) provide strong evidence of speculation in 1979, 1986, 1990, and late 2002, but are not supportive of speculation being an important determinant of the real price of oil during 2003 and mid-2008. ...Instead these models imply that both spot and futures prices were driven by a common component reflecting economic fundamentals....extensive research has produced a near-consensus among academic experts that speculation has not been a key driver of recent oil price fluctuations "
clown crap !!!!!!!!!!!!!!!!
convincing me crude prices are on the square
would require
a direct message from the Almighty
possibly
a burning bush booming at me
"paine the crude oil markets are marshallian competitive"
