Running Out Of Gas On The Highway To Hell
For those of us who believe in the wisdom of free markets, this might be a little disturbing:
Investors rushed to buy oil futures contracts as far forward as December 2016, pushing their prices as high as $139.50 a barrel, up more than $9.50 on the day. The spot price hit a record $129.60 a barrel.
Veteran traders said they had never seen such a jump and said investors were increasingly betting on the idea that production would soonpeak because of geopolitical and geological constraints.
