60 Minutes Attributes Much of Recent Oil Spike to Speculators
Articles — By forcechange on January 12, 2009 9:46 amPart 1:
Part 2:
60 Minutes has an interesting look at the recent oil boom. In its analysis, 60 Minutes attributes the massive price run-up to oil speculators at big financial firms like Morgan Stanley and Goldman Sachs, among others. One of the most intriguing facts was that during the over 100% increase in price last year, global demand for oil actually decreased.
60 Minutes analogizes these recent market conditions to those that were manipulated by Enron during the California energy crisis of 2000-2001.
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