Finaly somebody is seeing the light and is making sense. Now... the question is.... if the price of oil was dropped to $60/barrel, how long would it be before we see it at the pumps......and then how long would it be before we saw it in reduced prices for groceries??
Mississippi Steve Reviewed by Mississippi Steve on . Speculative premium on oil at $ 60 a barrel: India Hit by the relentless rise in crude oil prices, India today sought an end to specualtive trading and suggested that oil producers and consumers vest control of the oil markets to cool overheated prices. An estimated 60 dollars per barrels is the "speculative premium" in the current oil prices, Petroleum Secretary M S Srinivasan said. "Speculative trading amounts to a few trillion dollars currently." India blames speculators working on the New York Mercantile Exchange for crude oil Rating: 5