Financial bailout caused oil spike, Forbes says

09/24/2008 | Forbes

The Commodity Futures Trading Commission allowed banks and trading companies to take over enormous swaps positions held by Lehman Brothers and AIG, contributing to Monday's record spike in oil prices, Forbes Magazine reports. Without the bailout, experts say, the price of oil would have collapsed. "If speculators were forced to liquidate their positions, oil would easily be $65 to $75 per barrel by the time the liquidation was complete," according to hedge fund chief Michael Masters.

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