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TEHRAN (Reuters) - The market is full of oil and the rising price trend is "fake and imposed," Iran's President Mahmoud Ahmadinejad said on Tuesday.
"At a time when the growth of consumption is lower than the growth of production and the market is full of oil, prices are rising and this trend is completely fake and imposed," Ahmadinejad said in a televised speech.
Iran, the world's fourth-largest oil exporter, has repeatedly said the market is well-supplied with crude and blames rising prices on speculation, weakness of the U.S. dollar and geopolitical factors.
"As you know the decrease in the dollar's value and the increase in energy prices are two sides of the same coin which are being introduced as factors behind the recent instability," Ahmadinejad said.
Originally posted by Karlhungis
It sounds like the truth to me. I don't see what is so sly about it.
Originally posted by SystemiK
This is the next 9/11....
Originally posted by Agit8dChop
Yep, he does speak facts..
something im sure most americans dont understand... fair enough being they havent seen them in quite some time!
Originally posted by galduke
Hopefully ethanol is just on the horizon, it'll make the U.S. the absolute economic powerhouse of the world and give South America a much needed boost. I can't help but wonder what will become of the middle east since there will be virtually no money in the region.
Originally posted by gottago
TEHRAN (Reuters) - The market is full of oil and the rising price trend is "fake and imposed," Iran's President Mahmoud Ahmadinejad said
[...] has repeatedly said the market is well-supplied with crude and blames rising prices on speculation, weakness of the U.S. dollar and geopolitical factors.
Originally posted by StUdio
[,...] which leaves only his 3rd piece of the trinity-of-economic collapse;
exhorbanent oil prices arising from speculation.
If he cited the US hedge funds, along with the PlungeProtectionTeam manipulations of oil futures as 2 of the 3 contributing factors, then he would be entering the realms of facts instead of speaking from the fringe area of generalities.
Where else is all these 100s of billions of speculation funds coming from?
I'd say the investment banks who exchanged their Billions of toxic paper (worth .15 on the dollar) for US Treasuries obtained from the Fed on an dollar-dollar trade...is being used to speculate on oil futures so as to build up these morally & financially bankrupt institutions' 'balance sheets'...
thus leading to end of year 'Bonuses' for the executive elites..