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Originally Posted by Azure
Well, how many refineries got shutdown because of the Hurricane? Of production has been cut back because of it, I wouldn't call it a scam.
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I think it's a scam when the increased prices are based on fears that rigs and refineries could damaged and down for quite awhile. If the fears don't pan out prices start to drop soon afterwards.
Why not wait until we see what damage there is before hiking prices.
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Oil prices keep falling because there is excess oil on the market, and they're trying to get rid of it.
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Institutional investors caused the rapid rise and subsequent steep fall in oil prices in 2008, according to an independent report released by U.S. lawmakers yesterday.
Lawmakers unveiled his report on Capitol Hill to bolster their efforts to rein in what they believe is excessive speculation in oil markets. The Commodity Futures Trading Commission is to report to the U.S. Congress within days on the role speculators played in the oil market.
http://www.thestar.com/Business/article/497056