1517170% of oil price is speculation
- Feb 27, 2013Scott Baker hit upon a good point. 70% of oil - which is land as it is a natural resource extracted from land - is because of private speculation. Geonomics would spot this one of course, LVT, Georgism, would not, but how?
Scott says oil should only sold to those who use it - of course. Oil sits in large tanks and may be bought and sold many times. Oil is also sold in tankers as they sail the open ocean. The oil in the ships may be bought and sold 2 or 3 times on route, which is out of countries' jurisdictions.
People in Europe are finding it difficult to pay for the heating bills. It is either eat or heat.
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