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Bull... this line of hogwash shows such absolute ignorance of futures trading its rediculous. Fed studies have repeatatively found that the futures energy markets are easily manipulated... and recommended repeatedly better oversight of them.

Iran/Iraq have NOTHING to do with current prices, in fact there is MORE OIL AVAILABLE TODAY TO THE US THAN THERE WAS IN 2003... Remember a little thing called Embargo against Iraq? We couldn't even buy Iraq oil in '03... now their pipelines are online.

There is more CRUDE globally available today than there was in 2000, demand, is actually not increasing, but has decreased slightly in recent months. We have tankers sitting in harbors that can't unload not only in the US, but in Japan and other places because there is literally NO STORAGE AVAILABLE TO PUT IT.

The cost to extract the oil has not changed much, there is a worldwide glut of oil at the moment... Saudi Arabia can't even sell all of its daily production... its producing at a daily surplus relative to its sales.

Futures market speculation and manipulation are why oil is $70+ a barrel. When in reality its a $35-$40 a bbl product. You can keep on regurgitating the same old hack knee rhetoric, but its just not reality. Futures are very easily manipulated... and that's all that's going on now.

Nothing different between Oil Futures right now and tech stocks in 99... In 99 Clinton told the SEC look the other way, don't you dare investigate the corruption... today, Bush is basically doing the same thing on oil as far as I'm concerned that he and bubba both did until recently on Immigration... which was "Don't you dare enforce the law".

IF a true investigation into the futures market games was launched, you would see the futures price of a bbl of oil drop by 25-33% virtually overnight.

So your assertion starts from the assumption that Iran, the 4th largest oil production nation, if it goes to war, will have little to no impact on oil price.

.....hmmmmm

And that there is no significant demand on oil. Even though world demand for oil is expected to increase by 54 per cent in the first 25 years of the 21st century, according to the Energy Information Agency of the U.S. government. To meet that demand, the world's oil-producing countries will have to pump out an additional 44 million barrels of oil each and every day by 2025.

Global oil demand has grown from 70 million bpd to over 82 million bpd in the last ten years.

.....hmmmmm

Yep, this is just pure market manipulation. Not one economic factor here at all. [/sarcasm]