Speculators to Blame for Soaring Oil: Soros

'Bubble' will burst when both US and UK are in recession
By Matt Cantor,  Newser User
Posted May 26, 2008 4:40 AM CDT
In this May 14, 2008 file photo, high gas prices posted at a Shell gas station in Redwood City, Calif.   (AP Photo)
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(Newser) – Billionaire investor George Soros blames soaring oil prices that reached a record $135 a barrel last week largely on speculation that’s causing a “bubble” in numbers, the Daily Telegraph reports. The weak US dollar, slipping Middle East oil supply, and rising Chinese demand all play a role, but “speculation is increasingly affecting the price," he said, adding that the "bubble" will burst when both the US and UK are in recession.