[Click to watch Prof. Chossudovsky’s statement on GRTV]
Political Rumors and Fake Information
…a rumor that Libya’s long-time ruler Muammar Gaddafi had been shot tore across the commodities market, sending U.S. crude oil futures down more than two percent. Other rumors have had similar immediate and sweeping effects, even without real changes in actual oil production or reserves. The cause is oil speculators, such as hedge funds, who buy and sell commodities, profiting by betting on short-term price changes.
These traders are making money on quick movement, wagering on rumors and market blips. They are buying and quickly re-selling commodities they have no intention of actually holding or using. Their opportunism is once again hitting working-class families across the country, increasing the burden on small business owners and farmers,…. (Rep. Joe Courtney: Market Speculators and the Real Cost of Oil, Huffington Post, March 16, 2011)