Speculation Cause of Crude Price Rise, Soros Agrees

On May 7, 2008, I wrote a post stating that speculation in the commodities market was the cause of the dramatic rise in crude oil prices.

The Cause of the Crude Oil Crisis: Speculation

In testimony today, the world’s most famous speculator, George Soros, speaking before Congress, confirmed my assessment.

Soros says speculators contribute to oil ‘bubble’: Financial News – Yahoo! Finance

Quite frankly, I’m surprised that Soros himself isn’t involved in the oil speculation. Although credited with numerous philanthropic endeavors, a review of these and his activities have never shown a disinclination to make a profit where ever available. Since much of his activities are hidden in offshore or foreign based vehicles, that possibility still can’t be ruled out. The current oil crisis is just the situation that would benefit Soros’ political agenda although certain aspects of it might backfire in his support for Obama and the Democrats since they seem to have little grasp of what needs to be done or are lacking in the political will to do anything.

Obama is extremely vitriolic in criticizing the gas tax holiday while proposing his $1000 tax rebate. It’s his version of “Let them eat cake” as opposed to simply offering a crust of bread. Somehow his bigger bribe isn’t supposed to be seen as “buying votes” where the lesser relief is.

According to Obama, we’re supposed to put wheels on our sailboats and hope for a wind to get us where we need to go.

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