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July 23, 2008

This is the acronym for

market in allocation of risk regarding the inherent uncertainty of future quantities of supply and demand of a well-known black oleaginous substance that is currently an important part of everyone’s life

Would anybody be able to say that speculation in such a market is responsible for the higher gas prices at the pump? Unfortunately, the answer could be yes. When the idea of betting on a future event comes to mind one thinks of boxing matches that end up being rigged as a consequence of the betting. But the price of oil is not a boxing match. It’s a global phenomena that is too hard to rig by any one entity.


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