I made it clear in March that this oil price speculation was dangerous. If on a day like today, with the Russian-Georgian incident on going, for crude oil to continue its fall, you know the “naked shorts” are fleeing the oil futures market. It will be interesting, when the bloodbath is over and oil is back to $100 a barrel, to see who really got burned.
I think the commodity bubble play is all over. And that’s not a bad thing.
Obama can point out that the pure threat of regulating commodity trading from the Democratic Congress, got a lot of bad actors (hedge funds who value their anonymity more than they value there ability to manipulate the futures market) out of the game.