Futures speculators herding to cash in. There is no oil shortage. Never was, never will be. The world is awash in oil. You read it here first.
Speculators actually prevent shortages. If speculators hadn’t driven up the price we very likely would have had shortages.
This last hurricane in the gulf should tell someone that we need to drill off of all our coasts. Closing down 20% of our oil and gas production is unacceptable in this day and age. I would also like to see where the oil and gas in the gulf is going.