OIL FUTURES SPECULATORS

US and British oil futures regulators are now working towards a deal to impose first-ever position limits on West Texas Intermediate contracts on the ICE Futures Europe exchange in a bid to control what they see as excessive speculation in oil markets and to make it harder for speculative traders to skirt regulations through “dark markets” where oversight is lax. In a highly unusual move, the US Commodity Futures Trading Commission and the British Financial Services Authority that they have an ongoing nationwide investigation into crude oil markets since December 2007.

It is a clear indication that global soaring oil prices are the works of unscrupulous speculators. These sets of people do not care if world population dies of hunger on the streets so long as they are able to satisfy their very own needs. I would speculate that the oil crisis nowadays is about similar to the South East Asian financial crash sometime in 1997-98. Until today, not a single government in the world including the US, British and European Union governments are able to do anything about the soaring oil prices; what more of the third world countries. Shall we just suffer in silence and succumb to these “few” invisible hands manipulating the whole world????