Treasury Secretary Henry Paulson says the price of oil has nothing to do with “speculators”. The Saudis are saying the current price of crude oil is unjustified and that the price increase is linked to something other than supply and demand. Personally, I think Secretary Paulson is living in a bubble somewhere if he doesn’t think speculators are causing this huge increase in oil prices.
With all that said, we here at the OneMom blog continue our “speculation” for oil to reach $50/barrel by Independence Day, 2008. Thanks to our fellow bloggers for jumping on the speculation bandwagon: Kevin Tracy, Ronnica, and FortyFour. (Special congratulations to the FortyFour family on the birth of their new precious daughter!)
Update: Welcome also to Frances who has joined us on the speculation bandwagon.
OneMom
7 responses so far ↓
Frances C // June 10, 2008 at 11:12 am
OK, I’m in. Let’s see if One Mom has the gift.
Ronnica // June 10, 2008 at 11:29 am
I’m always a bandwagon jumper. I think I learned something about that in my 5th grade DARE program, but I think that they were saying it was good to join in. =)
onemom // June 10, 2008 at 12:33 pm
Frances – wouldn’t that be something?
Ronnica – I think it depends on the bandwagon! Also, someday I’ll have to write about the DARE program and what a horrendous waste of money it is. That is a public health program near the top of the list of most useless endeavors.
wickle // June 11, 2008 at 8:03 am
Sec. Paulson is following in a Bush administration tradition … cluelessness and denial of reality.
He can’t come out against speculation because a lot of people make a lot of money at it. To come out against it would be “class warfare rhetoric” according to the talk radio goons.
And bear in mind … Bush and Cheney are oil men. The people making lots of money by running up oil prices are the friends of the oil men that we elected into the White House.
onemom // June 11, 2008 at 9:20 am
You’re right Wickle … we wouldn’t want to offend the wealthiest among us would we?
wickle // June 11, 2008 at 11:16 pm
If Paulson is running a hedge fund investing heavily in oil futures by this time next year, will anyone be surprised?
onemom // June 12, 2008 at 12:05 am
wickle … is this a trick question?