Wednesday, June 25, 2008

Oil speculation: The great debate

Energy analyst Daniel Yergin tells Congress that trading plays a role in crude's overheated runup - but not the only one.

NEW YORK ( -- It's the $64,000 question on Capitol Hill this week: What is responsible for the record escalation on oil prices? On Wednesday, one of the nation's leading energy analysts, weighed in with an answer.
Daniel Yergin, in testimony before the Joint Economic Committee, said that speculative traders looking to make a buck on oil have played a role in driving up prices and fanning fears about tightening supplies. Other factors include the credit crisis and weaker dollar, he added. More >>>