posted on Oct, 25 2006 @ 03:20 PM
Here is a real media discussion about this.
The author used to be a former "managing director" of Goldman Sachs.
In Wall Street, that is one of the really really big prizes, when you get
enormous bonuses and a piece of equity (as a 'partner'). Goldman is
the top of the WS investment bank pile.
She probably made well over a million per year in that position.
Oil, globally, is hard to manipulate that much. Gasoline in the US isn't hard to manipulate, at least in the short term.
Summary: (stolen from a blog, sorry)
- Bush backed off tough talk against Iran;
- Goldman Sachs (provided the new Treasury Secretary) slashed the weighting of gas in its commodities index from 8.45% to 2.30% in July;
- Investors and hedge funds tracking the GSCI dumped long positions in gasoline;
- Big Oil imported tankers of gasoline from Europe for fall arrival;
- Purchases for the Strategic Petroleum Reserve were postponed until after the election;
- Big refinery cronies cut the "crack spread" between crude oil price and refined gasoline price from $19.13 per barrel in July to under $6.00 this
- Refinery maintenance and product changeovers were postponed.