While I’m sure “speculation” has played a small roll in market volatility, I really don’t think that the evil speculators are why oil is so high. That would be due to….let’s see…. demand for the product, the weak dollar, and geopolitical instability.
Expect this letter to be the first of many…. and look for the crying to start for a handout to the airlines again. They are right about one thing….. oil prices this high are going to result in changes in the airline industry.