Published on January 26, 2009
Section Green Report / Media
60 Minutes decided to take a look at some of the reasons behind the historic swings in oil prices over the last 24 months. Who or what sets the price of oil? Is it supply and demand controlling or is it Wall Street? Surprise, surprise if you guessed it was the Gordon Gekko clones, your right. Wall Street drives the price of oil based on speculations, and demand for the stock. Not the lack of supply and a surplus of demand. In fact 60 Minutes found out there was actually a decrease in demand and a surplus of supplies. Which should have led to lower prices, not record breaking highs. The speculation was driven by companies like Morgan Stanley and Goldman Sachs. These companies raked in billions as the average American family scrambled finically survive.
This is a very bizarre world we live in. We not only do not punish these guys, we reward them, billions more in bailout giveaways. The more damage they do to the world, the more we give them. It’s good to be Kings. It’s bad to be drones.