With the recent crackdown on LIBOR and SIBOR rates, it should be time now that the authorities look into the manipulation of oil prices. The oil prices are in now way in relation to what's happening on the ground. Look at the record supplies of oil in the US. Why is the WTI crude still hovering over $90, even though the shale oil supply looks like it's just going to increase further?
It doesn't make sense. If anyone wants to buy oil in advance, the simplest way is to treat it the same as stocks, using options to purchase. If someone wants to arbitrage against it, create something like contracts for differences (CFD). It's time to stop all this rigging of prices and all the nonsense of traders submitting their own prices of their "own free will" to determine the price. The technology is definitely already out there. It's just a matter of whether you wish to use it or not.
Greed is part of human nature, and therefore rules must be there to govern it. If you do not believe in that, try telling your government to tell the police to take a break for a week. You will definitely think otherwise then.
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