60 Minutes had a nice report last night looking into what fueled the high oil prices of 2008. Of course demand was at a high, but how much did speculation have to do with the prices? According to the report, even J.P. Morgan's chief global investment officer thought speculation was a driving cause behind the price spike. An e-mail went out to their clients saying "an enormous amount of speculation" ran up the price" and "140 dollars in July was ridiculous." The report on the web site looks into the ins and outs of why the U.S. went through such an oil price crisis last summer and includes a video. Lindsay Goodier, Online Editor, OilandGasInvestor.com
Recommended Reading
Diamondback Energy Appoints Industry Veteran Holderness to Board
2025-02-04 - Diamondback Energy has named Darin G. Holderness, who founded and served as CFO at P&A Exchange LLC and CFO at ProPetro Holding Corp. as a board of directors at the Permian Basin E&P.
Executive Compensations Rising in Sync with Shareholder Payoffs
2025-02-04 - Compensation for oil and gas executives, up an average 8% to 10%, is increasingly tied to stock metrics, rewarding performance instead of growth, according to an Alvarez & Marsal report.
Pearl Energy Investments Closes Fund IV with $999.9MM
2025-02-04 - Pearl Energy Investments’ Fund IV met its hard cap within four months of launching and closed on Jan. 31.
Phillips 66’s NGL Focus, Midstream Acquisitions Pay Off in 2024
2025-02-04 - Phillips 66 reported record volumes for 2024 as it advances a wellhead-to-market strategy within its midstream business.
Confirmed: Liberty Energy’s Chris Wright is 17th US Energy Secretary
2025-02-03 - Liberty Energy Founder Chris Wright, who was confirmed with bipartisan support on Feb. 3, aims to accelerate all forms of energy sources out of regulatory gridlock.