BUSINESS

CFTC: Speculators Caused 2008 Oil Price Crisis

08/29/2009 05:12 am ET | Updated May 25, 2011

In a major U-turn from its claims during the Bush administration, the Commodity Futures Trading Commission is now set to admit that speculation in oil markets and - not the forces of supply and demand - are behind last year's massive oil price spike.

In the summer of 2008, oil prices on the open market reached an unprecedented $147 per barrel. Many economists argue the spike helped push the US into an economic free-fall last autumn.

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