Sunday, April 20, 2008

Greedy Bastards

"It's not the demand from average Joes, but demand from hedge funds, banks, commodities pools and so forth that's responsible for taking crude oil from $70 to $11[4] a barrel. There are a lot of huge funds that are invested in commodities, and one of their favorites is crude oil.
I think you'll find a lot of people in the oil industry will agree, and they're not going to complain if Wall Street is carrying the water for them. They've been the beneficiaries of that irrational exuberance." - Tom Kloza, chief analyst of the Oil Price Information Service

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