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Change course is a little bit -- closing it at a record.
They closed that it traded to record -- 14243.
Dollars a barrel settle at a 140 dollars developers time that ever happen.
That comes to more than four dollars a gallon for gas we big.
We might ever go back to to log on May be Mike Norman things and you go back to -- on my next guest is a respected oil analyst.
Who says it definitely could happen and it could happen soon but there's a catch he says first.
There has to be a law to limit oil speculators.
Help us connect the dots we have -- -- Managing director of oil and gas research at Oppenheimer and he joins me now mr.
-- You've testified.
In front of I guess senate and congress and you say that oil speculators are the cause for the high prized -- you elaborate a little bit.
Well basically are those the or I didn't see any reason why don't houses -- more than doubled and -- -- It was fuel supply disruption demand rule but as much.
Then we had expected here -- their economies we revised lower high.
-- -- We have weaker economy.
We have more supply the -- you have oil prices are up we're about 110%.
From the year ago.
And you have analysts and even over -- -- -- -- -- present with the -- revenue of two that was fun.
I found -- 500 ideas.
And that's all because a speculators.
Well as speculative basically they are fanning the fire.
-- Creating panic and the market.
People who are you know.
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- Can you define the speculator.
Suspect -- or any financial institutions that have no information whatsoever.
Horrible news -- physical barrels of oil basically -- on expectations in the future so Goldman Sachs speculator or well I'm not limited here but what obviously of the largest investment -- our veteran relievers.
Okay so the Harvard endowment and maybe calpers pension fund if there involved in the oil market anyway shape -- form.
Could be considered a speculators well perhaps the most.
And and so.
So now I mean I mean it don't -- -- -- there's nothing wrong with speculative but they are not doing anything illegal or an ethic on the left about.
Yeah this is just trying to maximize their profit in the shortest period of time.
Regardless of what happened the rest of the economy period OK so he's -- don't care if crucial over the suffering you don't care that people are.
I am going hungry -- -- -- but as long as the maximize their time they're doing something admirable for dinner and I'm also -- that -- -- doing anything wrong.
I'm saying that the government would allow this to happen.
It -- to continue we will be looking at the hundred dollar lawyer and -- -- -- got sort of that would be absolutely right about Iran would be up I have to get this I don't have a lot of time to tell me how we stop speculation and oil.
Well -- really is the margin requirements have three -- limit.
Bought investment bank from engaged being agents so really when the conflict through it's just area.
Full disclosure of more or is -- -- which are maybe if sovereign fund is -- in the -- mr.
giggled -- against.
They're going to get if we raise the margin requirement or do some the other things that have been suggested like reducing the amount of her of contracts.
Speculators to halt what they find a way to -- is somewhere off slides -- the oversight of C have you seen this season.
There aren't will be -- area that you can do it but yes you're you're -- yet the Bengals where.
But that's -- her side is that we have to close all the Windows Mobile -- one -- -- -- about are about where it is over.
It is a way of stopping the speculators and if we do you want to do.
All right mr.
-- -- super delegate from Oppenheim Oppenheimer thank you very much for joining us tonight shedding some light on the speculation.
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