Can't outsmart world markets

04/02/2012
Some 30 years after Edwin Drake drilled the first oil well in 1859, an official in the US Geological Service declared that all the available crude in the world had been found. Politicians and government bureaucrats have been guessing wrong about energy ever since. "Both traders and governments think that they are one step ahead of the other and often one step ahead of the market as well," analysts at Barclays Capital Commodities Research recently reported. "The problem is that the oil market has a mind of its own, and while the race to outsmart it will always continue, at times it is better to simply give into the market's will and roll with the tide." Going with the m...
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