9 Mar
2011
9 Mar
'11
10:38 a.m.
Speculation by the big Wall Street firms is often the main driver of oil prices. When oil was $145 (July 2008) JPMorgan Chase and Goldman Sachs were the biggest players. JPMorgan's position alone was $300 Billion in oil futures while the entire oil industry had only a $30 billion position. Goldman Sachs convinced Flying J into talking a large long position when oil prices were high in 2008. When the price collapsed to $36 (December 2008), Flying J went bankrupt.