CNN Money - "Study blames speculation for oil's rise."
"Investors put $60B into oil futures during the first five months of the year as prices jumped as high as $145 by July, since then withdrew $39B."
"WASHINGTON (AP) -- Speculation by large investors -- and not supply and demand for oil -- were a primary reason for the surge in oil prices during the first half of the year and the more recent price declines, an independent study concluded Wednesday."
So it wasn't the world demand for oil, India and China, supply and demand, and limited refinery capacity. It was the ugly side of free enterprise.
Arf