I stole this comment from a zerohedge post only because i found it to be quite on the mark myself.. Not knowing whether or not the poster would wish to be credited for it prevented me from doing so.. Many fantastically intelligent people read and post comments on zerohedge.com on a regular basis..
click here for the zerohedge post on which the comment appeared..
The only thing happening to Oil prices is that the big speculators and banksters are using the events in Libya as an excuse to drive up spot oil prices which force the traders on the other side of the trade i.e. the buyers of put options, the sellers of call options and futures to cover their positions resulting in a sharp spike in the Oil prices.
The only thing driving up commodity prices worldwide are speculators armed with cheap money provided by central bankers and super fast computers. This is causing a havoc in the lives of rest of the population and pushing them towards poverty as they can no longer afford the basic necessities of life.
The stock, commodity and currency exchanges have been reduced to gambling dens whereby the more powerful traders with deep pockets move the markets to maximize their own profits at the expense of the remaining not so powerful players. The big boys have enormous money power to move the markets in the direction which results in maximum profits for themselves. They effectively use the media to lure the other players in the market to a position where they would incur maximum loss.
Regulators are either hand in glove with the banksters or are too slow to react and take ages to identify and take measures to solve the problems.
Total ban on speculation and the reinforcement of Glass Steagall Act is strictly required to bring relief to the man on the street.