No evidence of manipulation in oil trading

There are so many holes in this argument that I scarcely know where to start. The CFTC says that some $5 trillion worth of futures and options transactions trades take place every day; can an influx of $240 billion, spread over five years, really propel prices upward to the extent that he and others claim?

Both speculators and oilmen say that supply and demand is the real culprit. “Our supply is pathetic,” said Gary Ross, the chief executive of the PIRA Energy Group, and a well-known energy consultant. “Look at the data,” he continued. “The world economy is growing by 3.9 percent a year. World oil demand should grow by 2.3 percent just to keep pace. That’s an extra 2 million barrels a day. We don’t have it! It’s obvious.”

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