*That is a good question and I'm probably biased but if there wasn't speculation and market forces at work with oil, who then would determine the proper price for crude? The government, we know they do very little to nothing effeciently? The Saudi's, ehh, no...If someone did determine a fair market value then, would it really be fair? I mean, I'm no one to say yay or nay but so many factors are at play with crude and it is so vitally improtant to so much, would a fixed price be appropriate given all the uncertainties and variables out there?
Some believe if it were fixed it would eventually lead to shortages. Yes, some make insane amounts of money, as you know one of my favs - XOM makes quite a bit. That being said, given the HUGE amounts of money oil companies put into exploration, development, geological, 3D's, leasing, time, risk, drilling and completion, maintaining facilities, crews, insurance, not to mention bad publicity from the news, etc, I would tend to say the risk merits the reward. Speculators can definately affect things and do but i think given the market is allowed to work, even those things will self-correct, to a degree. WOW, I sound on a pedestal....
Well that and I'm all about BIG OILLLLL LOL
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