Tuesday, March 11, 2008

$109

I am amazed that the media isn't giving this concept more play because the impact of speculation on energy costs (and other critical commodities like food) is huge. It was all quite fun to see speculators driving up the cost of real estate when our houses were appreciating but I think this is going to be somewhat less fun. Regarding $109 oil:
"This surge to new records is driven by the speculative and large funds moving money into commodities. It's primarily a U.S. dollar and inflation play by financial investors," said Victor Shum, an energy analyst with Purvin & Gertz in Singapore.
I've said it before: Tech. Real estate. Oil. Food.

Not good.

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