Why Gas Is So Expensive Today (Hint: It’s Not Libya)
If oil is priced above demand, there should be large supplies of unsold oil piling up in tankers.<p><i>Period, god damn it.</i><p>If there is no unsold oil piling up in tankers than <i>oil is currently priced at the level where demand at that price equals the supply</i>.  You cannot blame commodity speculators for this!<p>My understanding is that during the last price speculation bubble, there <i>were</i> oil tankers piling up.  If this is not happening now then commodities speculators have got nothing to do with it.  <i>Why is this so hard for people to understand?</i>