Update, May 21: Please read our most recent oil price research here: Dollar Inflation Raises Oil Prices, ‘Peak Oil’ a Myth
From F. William Engdahl’s ‘Perhaps 60% of today’s oil price is pure speculation’ at Global Research:
“The price of crude oil today is not made according to any traditional relation of supply to demand. It’s controlled by an elaborate financial market system as well as by the four major Anglo-American oil companies. As much as 60% of today’s crude oil price is pure speculation driven by large trader banks and hedge funds. It has nothing to do with the convenient myths of Peak Oil. It has to do with control of oil and its price.”
And from Paul Joseph Watson’s Goldman Sachs: Bilderberg Target Of $200 Dollar Oil Nears at Prison Planet:
“The ultra-secretive Bilderberg Group, a consortium of power brokers from banking, business, politics, academia and oil, met in Munich Germany in May 2005 when crude oil prices were around the $40 a barrel mark.
During the conference, Henry Kissinger told his fellow attendees that the elite had resolved to ensure that oil prices would double over the course of the next 12-24 months, which is exactly what happened.”