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Politics : View from the Center and Left
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To: Cogito who wrote (71344)6/10/2008 3:07:06 PM
From: Lane3  Read Replies (2) of 543455
 
But couldn't prices in the futures contracts be at least partially inflated due to speculation?

Allen, it occurred to me that part of the problem might be definitional. I had lunch today with a friend who considered everything about the futures market to be speculation. I thought that the normal transactions involving, say, farmers and canners, would not be speculation but that the activity of hedge funds, who have no involvement in the industry, would be speculation.

I don't know what either you or Bob has in mind when you think of speculation but perhaps definitional differences may account for some of your disconnect.

I find it incomprehensible that some part of the price of oil wouldn't be speculation, however you define it.
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