WikiLeaks: Saudis often warned U.S. about oil speculators

[mookiemookie]

It may be my confirmation bias showing, but here it is...

When oil prices hit a record $147 a barrel in July 2008, the Bush administration leaned on Saudi Arabia to pump more crude in hopes that a flood of new crude would drive the price down. The Saudis complied, but not before warning that oil already was plentiful and that Wall Street speculation, not a shortage of oil, was driving up prices.

...

Another confidential document from the embassy in Riyadh, dated Feb. 14, 2007, indicates that Saudi officials had concluded years ago that speculation played at least as big a role in setting oil prices as traditional issues of supply and demand did.

I've harped on this issue before. When the world's largest exporter says something's an issue with the oil business, it probably is.