Originally Posted by George O Well

>>>I watched about an hour of C-Span's coverage on the Senate's investigation yesterday. That's my source.

And no, it's not based on current market conditions. You have Lehman Brothers, Morgan-Stanley, etc. buying up huge quantities of oil on 6% margins, which they couldn't have done before de-regulation in 2000. Not only that, because the investment banks have fucked up every other market, oil is about the only place left to put their cash, creating a bidding war. Morgan-Stanley is now the largest owner of heating oil in the northeast.

But if the true cost of a gallon of gas in your tank is $2.20, and that price includes drilling, shipping, refining and mark-up at the pump, everything above that HAS to be the result of speculation, right? We've NEVER had "built in" speculation prices that high. EVER.