‘Rogue broker’ blamed for oil spike
Posted on 03. Jul, 2009 by Shera Crossan in Audio-Video, Business & Finance, Commentary, Economy, Feedback, Shera Crossan, Top Stories
PVM Oil Associates, the world’s largest over-the-counter oil brokerage, said on Thursday it had been the “victim of unauthorised trading”. The privately owned company said that as a result of the unauthorised trades it had been forced to close substantial volumes of futures contracts at a loss.
Oil traders in London and New York said the “unauthorised trading” explained the exceptional spike in business activity and prices in the early hours of Tuesday that some initially thought must have been caused by a geopolitical event.Story and Video Source
thank you a244
I don’t believe it.
During the height ( $ 4.00 + ) of the gas spike, ‘few years ago, I have an idea of what happened:
People started car pooling. People started stockpiling. People started making fewer trips and buying more per trip. I have no way of knowing but I suspect mileage went down.
All this added up and the price of gasoline went down.
I have a gut feeling that people are forgetting how to drive smart and are starting to drive stupid. Going back to the bad old ways.
I also have the gut feeling that our civil aviation has diminished.