Right now the spot price of a barrel of crude oil is $99. The price of a future, for delivery in 4 years, is $89. You ARE all of course aware that “speculators” are as active in the market today as a few months ago when futures prices were well in advance of spot prices. I have a theory for those of you who wished we had more bipartisanship in politics.
Ban the teaching of economics.
Think about it. In the past month I have heard Fox News’ Bill O’Reilly damning speculators in oil markets. I have heard President Obama railing on them, to the point that he has sicked Bernie Sanders on us to promote a bill to ban it (yep). Nothing unites people like economic illiteracy. You see the same thing with all of this “Buy American” nonsense. I’d elaborate, but we’re in finals right now.