Turns out there wasn’t that much demand (at least to drive prices to astronomical levels):
The Commodity Futures Trading Commission plans to issue a report next month suggesting speculators played a significant role in driving wild swings in oil prices — a reversal of an earlier CFTC position that augurs intensifying scrutiny on investors.
Good to know. But Matt Taibbi is conspiratorial when he points out the same. Otay
Going galt soon. Here.
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The irony is that, in the long term, oil prices have to get much higher than they were during the bubble. Oil is a finite resource, and we are running out.