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Last week didn't it swing over $10 then today it's up over $5 a barrel. Something as well known and as well studied as oil shouldn't be moving that much.
Speculators are a huge part of this. Just like the other guy said about the number of people buying oil with no intention of delivery. The same thing is happening with electricity and natural gas which is why my heating bill has more than doubled. They deregulated it and now investment banks are in the natural gas business just buying up gas and re-selling just to turn a profit. Same with electricity.
The energy markets are really out of control.
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