A lot of people believe that speculation is necessarily bad. Actually, speculators are an essential part of the commodities market. If there were no speculators, commodities markets wouldn't work. Speculators are the buyers when no one else is buying, and the sellers when no one else is selling.
However, speculation can and does get out of hand, as we've seen numerous times in history, such as the infamous "tulip mania" of 1637. I recall the Hunt brothers trying to corner the silver market in 1980; the fallout wrecked Great Western Sugar and stopped sugar beet farming in much of the high plains for many years.
In the case of recent oil prices, there's no doubt that speculation played a role. But that speculation was fueled by record levels for oil production and consumption. It was assumed that the expanding economies in China and India would only drive demand further up. Of course, we all know what "assume" means.
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Today's Featured Article - What Oil Should I Use? - by Francis Robinson. I keep seein this question pop up over and over again in discussion groups all over the web. As with many things there are often several right answers and a few wrong ones. Some purist I'm sure will disagree to no end with what I will tell you but most of us out here in the real world don't really care do we ? Some of them only bring their noses down out of the air long enough to look down them anyway. If you are like me you are only doing this old tractor stuff because you enjoy it. You
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