Originally Posted by Runner

I've read where our cuts in consumption (nearly 2% at this point) are just about canceling out China's increased consumption. Contrary to popular belief, oil is not a supply/demand commodity. It should be supply/demand, but due to the rampant "speculation" in the market, by hedge funds, it only takes a Kenyan farting in the Sahara to give reason to run up the price...based on, you guessed it, speculation.