Much has been discussed concerning whether speculators or excessive demand are the driving forces behind the surge of oil prices lately. Everybody has his own explanation why any especially why not this and that is the reason for.
Today I found another explanation at The Economist Homepage never heard before, which in part is a defence of the speculators. Following this approach speculators are just placing bets on future oil prices whether they rise or fall comparable to horse race or football bets. Doing this they do not affect the real price of oli, because they do not affect the actual (and future) supply or demand. This Argumentation is based on the fact, that speculators do not hoard oil, as it would be the case for other goods. Contrary they do not want the price rising to fast causing a decline in real demand and falling prices.
