Crude Oil Prices Up More Than $25 - NYTimes.com

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Article here.

To quote:

Oil prices surged more than $25 a barrel on Monday as investors sought a refuge from an uncertain and volatile market amid concern about the government’s plan to bailout the financial system.

Can anybody tell me why oil, of all things, is a refuge from an uncertain and volatile market?! That’s like moving to California to get away from fruits and nuts. Or moving to Connecticut to get away from liberals. Or… you get the idea.

For that matter, just why the hell are oil prices jumping because of a completely unrelated market’s volatility? Neither oil supply nor oil demand changed overnight, and yet “investors” (read “gamblers” and “speculators”) are screwing up our oil and gas bills.

In summary:

The oil market is broken.

(And I can’t believe I’m saying this:)

Congress, fix it.

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