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Oil Speculation: It’s the Energy, Stupid
With the price of oil doubling in the past year, there are more fingers being pointed than solutions being offered. Unfortunately, one of the biggest “culprits†garnering much of the blame has been the oil speculators. Congress has decided to make them the scapegoat for our energy concerns, and unfortunately many under-educated members of the public are beginning to lap it up.
Speculators are speculating because there is something about which to speculate. (Let me thank my sixth-grade English instructor for teaching me how to compose that sentence.)
Remember when oil ran up back in 1979 and 1980, when the entire…
9Jul2008 | Whiskey and Gunpowder | Comments Off | ContinuedInvesting in Commodities
Most of us Americans are so accustomed to a world of plenty; we have a hard time imagining a world of scarcity — much less making investments based upon this idea. But the energy markets provide a very powerful example of what happens when resources become less plentiful.
Five years ago, almost no one believed that oil prices would soar past $30 per barrel. $50 seemed utterly unthinkable. As oil prices continued climbing, so did disbelief. The skeptics never abandoned their misguided notion that oil was “overpriced.†So when crude retreated from $75 to $50 early last year, the prospect of…
23Jun2008 | The Penny Sleuth | Comments Off | ContinuedThe High Cost of Lower Prices
Show us a human being…and we will show you why democracy is a bad idea and why contrarian investing is a good one. From the South Pacific this morning comes news that a tribe in Melanesia believes that Britain’s Prince Philip is immortal.
“As unlikely as it sounds, the people of Yaohnanen and surrounding villages worship 85-year-old Prince Philip as a god,” reports the Daily Telegraph. “They believe him to be the son of an ancient spirit who inhabits a nearby mountain, on the island of Tanna.”
“You must tell King Philip that I’m getting old and I want him to come…
12Jun2008 | Daily Reckoning | Comments Off | Continued
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