Wednesday, June 25, 2008

Which Former Goldman Sachs Chairman Should We Listen to on Oil Market Speculators?

Jon Corzine via Bloomberg:

New Jersey's Corzine Calls for Oil Trading Oversight
New Jersey Governor Jon Corzine called for increased oversight of oil commodity trading, saying ``some of the speculative elements'' may be driving oil prices ``beyond what seems reasonable.''...

Henry Paulson via Forbes:

US Treasury's Paulson does not see evidence speculators driving oil price UPDATE
High oil prices are a burden on the U.S. and world economies but there is no evidence that speculators are to blame for the run-up in oil prices to near record highs, U.S. Treasury Secretary Henry Paulson said today.