Black Gold & Fool’s Gold: Speculation in the Oil Futures Market

摘要: This paper addresses the question of whether oil price spike 2003-2008 was a bubble. We document and discuss what is known about level speculation in market. then analyze dynamics term structure futures prices, both during earlier period 1985-2002 spike. The changed important ways this latter period, we explain how may have contributed to generating also answers puzzle lack accumulating above-ground inventories. Finally, implications for regulatory reform markets.