World

Oil Experts State to G8 Summit: "There's No Oil Shortage"

by Barry Artiste | June 13, 2008 at 05:28 am

321 views | 10 Recommendations | 4 comments

Opinion
Barry Artiste, Now Public Contributor

A statement many of us figured out, there is no Oil Shortage, just Oil speculators driving up the price of oil to bolster their profits, the trickle effect caused food prices to also skyrocket.

Time to put these speculators who prey on fear for a profit to end.

Speculators are fund companies, everything from Teachers Pension Funds to the ordinary investor who use them to get a good return on their investments. Investments which are paying well, but to the detriment of the economy.

A Speculator is a market participant who tries to profit from buying
and selling futures and options contracts by anticipating future price
movements. Speculators assume market price risk and add liquidity and
capital to the futures markets.

www.ptisecurities.com/Glossary/GlossaryS.htm

G8 finance chiefs ready for oil, food crisis talksSunil Jagtiani, AFPPublished: Friday, June 13, 2008
OSAKA - Finance ministers from the world's leading industrialized powers prepared for talks Friday seeking a way to stem soaring food and oil prices that are endangering world economic growth.

Ministers from the Group of Eight (G8) club of rich nations are expected to discuss how to limit the damage sparked by a doubling of food costs in three years and a series of record oil prices.

The rise has stoked inflation in many countries, raising more fears for the world economy, and comes as the United States battles a sharp slowdown after a default crisis in its mortgage market triggered a global credit crunch.

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Rhonda J Mangus

flagged this story as Good Stuff

at 06:18 on June 13th, 2008

Barry Artiste, I like this story. It's good stuff.

Barry Artiste

at 07:08 on June 13th, 2008

Thanks Rhonda, feels good to be validated knowing the obvious, yet we will still pay through the nose. I wrote yesterday about Canadian Gas companies scamming us with price fixing gas around Quebec and now they have been caught a fine of 2 million dollars has been levied against them. That'll learn em.