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TV show targets wrong element of ’08 oil price leap

01/26/2009
An “investigation” by a popular US television news show has uncovered information about oil prices that anyone familiar with the market knew months ago.Teasers by CBS News for the Jan. 11 edition of “60 Minutes” promised to surprise viewers with disclosure that last year’s high oil prices were not, after all, the handiwork of ExxonMobil Corp. or Saudi Arabia.Instead, “60 Minutes” concluded, the fault lies with oil speculators.The show dredged up the usual evidence: the high share of futures positions held by speculative traders; the large multiple of paper barrels traded on futures exchanges over barrels of oil actually delivered; the inability of...
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