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what most people don't know is that you should be saying "frickin SPECULATORS." The whole reason the price of oil is rising is because people think it will rise. Self-fulfilling prophecy.
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THis is why the fed created a deflated CPI to reduce the inflation expectation. It worked for a while but then you can never beat the fundamental of economy in the long run. We have oil demand from the so-called speculators ( eg : airlines, commercial sectors all over the world) surpasses the production of oil, therefore the price increase of oil is inevitable. The so called speculators are merely messengers that tell us the future supply of oil will be tight for some time.
Do you expect the airlines or shipping companies all over the world to not hedge on future contract of oil as fast as there can to reduce the cost ? no way.. They are going hedge big time and cause the price to spike further. they are going to do that until we have a super large oil inventory, a second worldwide great depression ( tight money creation ) or a complete demand destruction with alternatives. Say goodbye to cheap oil.