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Blame the investment bankers for the current rise in oil prices. As commentator Mike Whitney points out, “The whole scam is being executed by the same carpetbagging scoundrels who engineered the subprime fiasco. They are using the futures market to recapitalize their flagging balance sheets after sustaining huge losses in the mortgage-backed securities boondoggle.”

There is no oil shortage, not yet at least. The reason oil has skyrocketed to nearly US$140 per barrel is because of rampant speculation. The peak oil doom-sayers are simply confusing the issue. This is not about shortages or scarcity; it’s about gaming the system to fatten the bottom line. The whole scam is being executed by the same carpetbagging scoundrels who engineered the subprime fiasco; the investment bankers.

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