Stupidest biased article ever read

Read this article this morning. I've to disagree with the writer

Ok I'm not a wall street guy, I'm just an average Indian IT guy with too much negative energy. But this guy is really insulting the readers intelligence.

Let's look at his argument. Since the speculators are not taking the physical delivery of the oil, they're not responsible for the exponential growth in oil prices. But if too much money is chasing too few oil contracts, wouldnt' that raise the price

Say a Goldman sachs guy bought an august's oil futures contract for X dollars for the hedge fund in june. He'll sell the contract to a refienry in the month of June for ...say X+Y dollars. So isn't he making a profit of Y dollars and wouldn't that make a difference in the oil price. Now Y dollars is in billions.

Pardon my french here, but how the F in this world speculators arent' causing the increase. Isn't this taught in Economics 101, too much demand and less supply will increase the price.

Now again a stupid theory that india and china are the reason for oil prices. if demand is increasing at 10% why the prices are increasing at 50% rate.

I've to agree that it's free market economy and every one is in here for profit. Commodities trading has been around for ages, but in the last few years only hedge funds started dumping billions. It wouldn't really matter matter if people are hedging gold and silver. But now the commodities traders are after food supplies and oil futures.

Read the readers comments here
Peace.