Federal regulators charged five oil speculators Tuesday with manipulating the price of crude and making a $50 million profit from the scheme. The Commodity Futures Trading Commission alleges the speculators bought enormous amounts of actual crude oil for sale in Cushing, Okla, during the early months of 2008.
This created a perceived shortage of oil in Cushing — a major point for oil delivery — and drove the price of oil futures contracts higher.
The speculators then bet the price of oil would fall by selling so-called “short” contracts to other investors. When the speculators sold their actual oil holdings in Cushing en mass, the price of oil did fall, netting the group a hefty profit.
Keep investigating and I reckon you’ll discover that it was going on before that, has continued past that, and still is typical practice up to this very moment. So evil. So very evil. These totally depraved ‘capitalists’ are everything that’s wrong with economics today. So who are the vile miscreants?
The speculators charged in the suit are Parnon Energy Inc. of California, Arcadia Petroleum of the United Kingdom, Swiss-based Arcadia Energy, James T. Dyer of Australia and Nicholas J. Wildgoose of California.
Dig a little deeper. I’m confident there are Texans and New Yorkers in there too. Sickening. Let the imprecatory prayers commence.