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Raymond Learsy Via HUFFINGTONPOST/
Oil is now almost $69 bbl. Why? Raymond Learsy writes about oil price manipulation.
"In July, Phillip Verleger, a business professor at the University of Calgary and a fellow at the Peterson Institute for International Economics, predicting $20/bbl oil to come, told CNBC:
"The $20 story is relatively simple... Oil was $31 in December, got up to $70 a few days ago. The price shouldn't have increased. We have a huge surplus on the world market even with the OPEC cuts. It's running a million and a half barrels a day. I've been following this since 1971. We have never had a stretch with such a large surplus."
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