WikiLeaks: Saudis think speculators helped cause oil bubble

[nebris]

by Gaius Publius on 5/31/2011 02:59:00 PM



Matt Taibbi writing in Rolling Stone (my emphasis):
When oil prices surged to a ridiculous $147 a barrel in the summer of 2008, conventional wisdom held that normal supply and demand issues were the cause. ... [T]hanks to Wikileaks, we now know that when the Bush administration

Comments

[underlankers]

I wouldn't be surprised. The mere belief that commodities aren't vulnerable to speculation can actually help make them so. After all, if that's really the case, who would believe it would actually be happening when the general idea is that this can't be done with commodities in the first place?