The price of Oil

Last summer was a nightmare for American commuters. Avg. price of gas went upto $4.5 per gallon. And by September the bubble started bursting.

Speculators created a media spin convincing us that Demand in China and India caused the price hikes, but not them. And then Media also bought that stupid argument. Media started quoting this Goldman Sachs analyst Arjun Rao as Oracle of Oil.

Post Wall Street collapse, no money available for leverage and speculation. Here we're with $1.6 per gallon price.

There's a report on 60 minutes last night. Here it is.



It's a must watch. And here's the text

Let me reiterate one more time. I'm not a commie and I also believe in free market capitalism. But what happened in the last 8 years ain't free market capitalism. It's an incest relationship of wall street, law makers, regulators and media. Yes, media ain't saint.

Here's a sample report by a senior journalist Jon Birger, who was in bed with speculators industry. And here're some calls made by this this Genius.

I'm glad that all it all ended and hope the new govt ends this Wild Wild west attitude in the market.

Peace.